Everest Insurance has entered the Asian market with the opening of an office in Singapore.
Everest, the insurance division of Everest Re Group, has received regulatory approval from the Monetary Authority of Singapore to operate in the city-state.
The new entity will trade as Everest Insurance Singapore and will be headquartered in Singapore. It will be led by Ben Carey, senior vice-president and regional head of insurance in Asia.
“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,” said Carey. “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.”
Everest said its Singapore office will provide customised risk solutions in key sectors including commercial property, energy/power and construction, casualty, financial lines, accident and health.
“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,” said Adam Clifford, co-lead of Everest Insurance International. “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.”
Jason Keen, co-lead of Everest Insurance International, added: “Ben has hired an outstanding team of professionals to establish our presence in Singapore and, under his leadership, I am confident in our ability to become a preferred market leader in Asia and around the globe. We look forward to continuing to deliver value and market expertise to our current and future clients.”