The Australian Prudential Regulation Authority (APRA) has granted Everest International Reinsurance Ltd a licence to operate as a general insurer under the Insurance Act 1973.
Everest International Reinsurance is a subsidiary of Everest Group, a global player in underwriting that specialises in property, casualty, and speciality reinsurance and insurance products.
The parent company, Everest Group, recently reported that its reinsurance and insurance segments grew by 21.2% and 10.1%, respectively, for the first three months of 2024 (Q1 2024).
Commenting on the company’s latest financial performance, president and chief executive Juan C. Andrade said: “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%.
“In our insurance division, we advanced our disciplined expansion across global markets, while remaining focussed on prudent risk selection and the bottom line. Additionally, our investment portfolio contributed a record US$457 million in net investment income.
“With strong momentum across our underwriting businesses, we are executing on our three-year strategic plan, focussed on generating consistent, industry-leading financial returns.”
The updated list of APRA-authorised general insurers can be accessed on the APRA website.
