Singapore (CU)_ Everest Insurance, the insurance branch of Everest Re Group, has gained regulatory license from the Monetary Authority of Singapore to run its insurance business in the market, thereby making the company’s formal debut into the Asian market. The organization will operate in Singapore under the name Everest Insurance Singapore and will be overseen by Ben Carey, who is the senior vice president and regional head of insurance for Asia.
In addition, it has established a team of seasoned underwriters to offer insurance services in major industries, such as commercial property, energy/power and construction, casualty, financial lines, accident and health. Carey expressed hopes over the expansion. He said, “The insurance market in Asia is rapidly evolving and presents a significant opportunity to bring to this region the financial strength, underwriting discipline, and innovation Everest Insurance is known for delivering”.
Carey added, “Our office in Singapore has an agile, collaborative culture that will enhance the reputation Everest has earned for its superior customer service and vast underwriting expertise. Backed by the power of Everest’s financial strength and expanding global network, we are well-positioned to provide clients and brokers with the solutions and local service they need, delivered with consistency and reliability. I look forward to growing our global footprint across Asia.”
Adam Clifford, co-head of Everest Insurance International, expressed optimism over the expansion. He said, “As part of our international growth strategy, we are excited to bring the underwriting expertise and a set of core P&C product offerings to this region”. He added, “We have identified an opportunity in the marketplace in Asia and, as part of our Everest Insurance International expansion, we are poised to bring a credible market offering to Asia to help our clients and brokers.”
