Everest Insurance, the insurance arm of Everest Re Group, has received regulatory approval to operate in Chile.

The authorisation marks Everest Insurance’s foray into the Latin American market.

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The insurer will operate under the Everest Compañía de Seguros Generales Chile brand name, with a flagship office in Santiago, Chile.

Everest Insurance senior vice president and regional president of Latin America Pablo Korze will lead the Chilean operations and a team of underwriters to cater to the needs of the corporations across the region.

The insurer will offer a range of tailored insurance products in the property, marine, casualty and financial lines of business.

Korze said: “As we continue to expand our Everest Insurance global footprint, we are bringing our customer-first model, decades of underwriting discipline and financial strength to address the unique and growing needs of the Latin American market.”

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Everest Insurance president & CEO Mike Karmilowicz said: “Building on the success of our world-class speciality insurance operations, we are bringing the full strength of Everest resources and capital position to key regions like Chile and around the world where our expertise is needed most.

“We are well-positioned, with first-class industry talent and a broad suite of speciality insurance products and capabilities to lead local corporate segments in Latin America, as we continue to expand our position as a preferred market leader.”

Currently, Everest Re operates in the US, Europe, Bermuda and other regions where it offers property, casualty and speciality re/insurance offerings.