Everest Launches Australian Insurance Operations with APRA Approval

Everest Group Ltd launches Everest Insurance Australia after receiving approval from the Australian Prudential Regulation Authority (APRA). The company will operate from Sydney and Melbourne, offering tailored risk solutions to corporations across Australia.

Nitish Verma
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Everest Launches Australian Insurance Operations with APRA Approval

Everest Launches Australian Insurance Operations with APRA Approval

Everest Group Ltd has officially launched its Australian insurance business, Everest Insurance Australia, after receiving approval from the Australian Prudential Regulation Authority (APRA). The global underwriting firm, which specializes in property, casualty, and specialty reinsurance and insurance products, will operate from offices in Sydney and Melbourne under the leadership of Christian Colombera, Managing Director, Australia and Head of the Pacific Region.

Why this matters: The expansion of Everest Insurance Australia marks a significant milestone in the company's global growth strategy, underscoring the increasing importance of the Australian market in the global insurance landscape. This development is likely to have implications for the Australian insurance industry, potentially leading to increased competition and innovation in the sector.

Colombera expressed enthusiasm about the launch, stating, "As we continue enhancing our global presence, we bring Everest's customer-first model and decades of underwriting discipline and financial strength to address the unique and growing needs of the Australian market." He will be joined by a team of experienced regional underwriters to serve the needs of corporations across Australia.

Everest aims to fill a crucial void in the Australian market by providing tailored risk solutions in key sectors such as property, casualty, financial lines, professional lines, and energy and construction. The company promises to deliver these solutions with the speed and agility required in the current insurance landscape. Scott Leney, Head of Asia Pacific, Everest Insurance International, emphasized the need for Everest's financial support, top industry talent, and broad suite of specialty products and capabilities in the Australian market.

The launch of Everest Insurance Australia comes on the heels of strong financial performance for the Everest Group. In Q1 2024, the company reported a 21.2% growth in its reinsurance segment and a 10.1% growth in its insurance segment. Juan C. Andrade, President and Chief Executive of Everest Group, attributed the success to disciplined expansion across global markets, prudent risk selection, and a record-breaking investment portfolio that contributed US$457 million in net investment income.

"Everest had a strong start to 2024, with first quarter results delivering significant profitability across all key metrics, including a total shareholder return in excess of 18% and an operating return on equity of 20%," Andrade commented. The company is executing its three-year strategic plan, focusing on generating consistent, industry-leading financial returns.

With customers in more than 115 countries across six continents, Everest's expansion into the Australian market marks a significant milestone in its global growth strategy. The APRA-authorized general insurers list, which can be accessed on the APRA website, now includes Everest International Reinsurance Ltd, enabling the company to bring its decades of expertise and financial strength to address the unique needs of Australian businesses.

Key Takeaways

  • Everest Insurance Australia launches after APRA approval.
  • Christian Colombera leads Australian operations from Sydney and Melbourne.
  • Everest aims to fill void in Australian market with tailored risk solutions.
  • Company reports 21.2% growth in reinsurance and 10.1% growth in insurance segments.
  • Launch marks significant milestone in Everest's global growth strategy.