Everest, a Bermuda-based underwriting company, has forayed into the Italian insurance market, expanding its European operations.
The company received regulatory approval to operate in Italy under the name Everest Insurance (Ireland) DAC, Succursale Italiana.
The latest move to enter Italy comes after its recent expansions into Australia, Colombia and Mexico.
Headquartered in Milan, the Italian branch will be led by Everest Insurance International Southern Europe head José Ramón Morales.
The company’s local teams will be equipped to offer a range of insurance products including accident and health, aviation, casualty, cyber, energy and construction, financial lines, marine and property.
These offerings are aimed at supporting businesses in managing the complexities of the global risk landscape.
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Everest Insurance International Europe head and senior vice-president Véronique Brionne said: “Italy is among Europe’s largest economies, and a key market as we continue to scale throughout the continent.
“We are bringing Everest’s value proposition, including dedicated local expertise, tailored risk solutions and best-in-class service, to meet the evolving needs of businesses in the region.”
Everest’s expansion into Italy comes on the heels of strong financial performance for the third quarter of 2024 (Q3 2024), with underwriting income reaching $272m, primarily driven by strong performance in its reinsurance division despite significant catastrophe losses.
The group posted a net income of $509m and an operating income of $630m for the quarter.
These figures compare with $678m in net income and $613m in operating income during the same period in 2023, reflecting a slight year-over-year decline.
Gross written premium rose marginally by 0.6% to $4.4bn, supported by a 1.7% increase in the reinsurance segment.
This growth was partially offset by a 2.1% decline in the insurance segment, highlighting mixed performance across its business lines.
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