Everest Re has launched a new credit and political risk business unit to expand its Everest Insurance platform.
By forming a new unit, Everest Insurance will now offer a range of credit and political risk coverages for banks, corporations, exporters, contractors, and infrastructure developers.
The insurer has appointed Jim Thomas as the head of the newly formed unit under Everest Specialty Underwriters. Jim was the head of the global credit and political risk business at Zurich Insurance.
Before joining Zurich, he held various roles at Euromoney Publications in London, and the United Nations Economic Commission for Latin America and the Caribbean in Santiago, Chile.
Everest Specialty Underwriters head Mike Kamilowicz said: "Everest Insurance continues to expand its product offerings to meet the needs of their clients and brokers.
"Credit and political risk is a natural extension of our current product portfolio and Jim is recognized as an industry authority in these areas.
"Jim’s experience and expertise in this market, coupled with Everest’s financial strength and global footprint, will allow us to meet the needs of our customers and brokers."
Everest Insurance North America president Jonathan Zaffino said: "The credit and political risk business is an exciting new addition to the Everest Specialty Underwriters portfolio. Adding a leader of Jim’s caliber to our firm will allow us to bring the significant financial strength and resources of Everest to serve clients in this market segment."
In February, the insurance group announced an alliance between its US crop insurance unit, Heartland Crop Insurance and Global Ag Risk Solutions (GARS). The partnership was aimed at offering GARS production cost insurance to farms across the US through Heartlandagents.
Image: Everest Re launches new credit and political risk business unit to expand its Everest Insurance platform. Photo: courtesy of Vichaya Kiatying-Angsulee/FreeDigitalPhotos.net.