Everest Re gets approval in principle to create new Lloyd’s syndicate

Everest Re Group Ltd. plans to start writing insurance in the Lloyd’s market. The Hamilton, Bermuda-based insurer announced the Lloyd’s Franchise Board has approved, in principle, the creation of Everest Syndicate 2786.

“The new syndicate provides Everest with a platform to expand its international insurance operation and gain access to additional business to complement its existing portfolio,” Everest Re stated in a press release Sept. 9.

Everest Re Group subsidiaries include Everest Insurance Company of Canada, which is licensed to write property and casualty insurance in all Canadian provinces. Primary coverages in Canada include sports and leisure, film and television, construction and venvironmental liability among others.

Everest Re Group writes reinsurance and insurance in the United States, Bermuda and international markets. The group’s Everest Re subsidiary writes reinsurance in the United States and is authorized to write reinsurance in Canada, Singapore and Brazil.

Everest Re was ranked 10th, by premiums written in 2014, in a list of global reinsurance groups, by A.M. Best Company Inc. in its annual Global Reinsurance Segment Review.

Everest Re’s new Lloyd’s syndicate “will be managed under a turnkey arrangement by Asta Managing Agency Ltd.” Everest Re stated. “Everest and Asta are working to secure the final approvals to commence underwriting business incepting January 1, 2016.”

Everest Re “will be the sole capital provider of Syndicate 2786, with initial stamp capacity of £102 million,” the company added. Andrew Carrier has been named Active Underwriter.