Everest, a world speciality (re)insurer based mostly in Bermuda, has secured regulatory clearance to start operations in Mexico.
The brand new entity, buying and selling as Compañía de Seguros Generales Everest México, shall be based mostly in Mexico Metropolis and led by Jaime Chaves López.
Everest has expressed confidence within the potential of the Mexican market, figuring out a “important alternative” to determine itself as a market chief in numerous insurance coverage traces, together with property / casualty, marine, and monetary.
With the launch in Mexico, Everest additional expands its operations in Latin America.
In Might 2022, the (re)insurer acquired regulatory approval to function in Chile beneath the identify Everest Compañía de Seguros Generales Chile.
Everest senior vp and Latin America regional president Pablo Korze stated: “Mexico’s rising financial system and geographical location make it a key rising market within the international monetary panorama, and one Everest is well-positioned to serve.
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“Backed by the facility of Everest’s monetary energy and increasing international community, we’re excited to deliver our underwriting experience and a set of core P&C product choices to this area.”
Chaves added: “The quickly evolving insurance coverage market in Mexico presents a big alternative for Everest and for firms in want of our monetary energy, superior service and breadth of choices throughout industrial and speciality property, casualty, marine and monetary traces.”
Earlier this month, subsidiary Everest Insurance coverage started operations in Australia upon securing clearance from the Australian Prudential Regulation Authority.
Everest Insurance coverage Australia, as it’s identified regionally, has opened places of work in Sydney and Melbourne, aiming to fulfill the Australian market’s want for tailor-made danger options.
The current launches in Mexico and Australia construct on Everest Insurance coverage’s earlier growth into Spain, the place it started operations early final 12 months.
The Spanish division, working as Everest Insurance coverage (Eire) DAC, Sucursal en España, has a presence in Madrid and Barcelona, additional solidifying Everest’s presence in key worldwide markets.
