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Everest Re launches EUR200mn European platform

Everest Re Group Ltd has become the latest Bermudian to establish a full European underwriting platform with the launch of a EUR200mn Irish subsidiary.

Dublin-based Everest Reinsurance (Ireland) Ltd (ERIL) has been granted an A+ financial strength rating and aa- issuer credit rating by AM Best.

ERIL will write reinsurance business in Ireland and throughout the European Union, focusing on property, casualty and motor business on both a direct and broker basis.

AM Best said the rating - which matches that of the company's Bermudian parent - reflects ERIL's "solid capitalisation, reasonable business plan and continuation of a sound business strategy".

Everest - the largest Bermudian reinsurer by non-life premiums written - already had a European presence through representative branch offices in London and Brussels, producing business back to Bermuda.

ERIL will allow the reinsurer to target a broader based of established European business, and to access business from other EU markets.

As well as providing the equity capital to ERIL along with infrastructure and control systems, Everest Re is protecting its new subsidiary with a guarantee agreement from its main Bermudian operating company.

The agreement unconditionally guarantees payment of any undisputed ERIL obligations, and includes a contractual commitment to maintaining a minimum surplus level at the subsidiary.

Everest - which can trace its roots back to 1973 - follows in the footsteps of many of its younger compatriots in establishing a European subsidiary, while others have moved their main operations from Bermuda to Switzerland.

Other Bermudians with fully capitalised Dublin subsidiaries include RenaissanceRe, Max Capital and Arch Capital.

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