Oct 2 (Reuters) - Everest Re Group Ltd said its Dublin-based unit had received approval from the Central Bank of Ireland to become a non-life insurer, allowing it to operate in the European Union under a single regulatory framework.
“Our new Irish insurance platform will complement our North American insurance operations and our Lloyd’s syndicate and enable Everest to serve clients through insurance transactions originating in the European Union,” Chief Executive Dominic Addesso said in a statement.
Insurers are making contingency plans after Britain’s vote to leave the EU leaves them facing the risk they could lose “passporting” rights that enable them to sell their products throughout Europe.
The new entity, Everest Insurance Ireland, dac, will initially focus on underwriting of trade credit and political risk insurance, the company said.
Reporting by Noor Zainab Hussain in Bengaluru; editing by Carolyn Cohn