Everest, a global speciality (re)insurer based in Bermuda, has secured regulatory clearance to commence operations in Mexico.

The new entity, trading as Compañía de Seguros Generales Everest México, will be based in Mexico City and led by Jaime Chaves López.

Everest has expressed confidence in the potential of the Mexican market, identifying a “significant opportunity” to establish itself as a market leader in various insurance lines, including property / casualty, marine, and financial.

With the launch in Mexico, Everest further expands its operations in Latin America. 

In May 2022, the (re)insurer received regulatory approval to operate in Chile under the name Everest Compañía de Seguros Generales Chile.

Everest senior vice president and Latin America regional president Pablo Korze said: “Mexico’s growing economy and geographical location make it a key emerging market in the global financial landscape, and one Everest is well-positioned to serve.

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“Backed by the power of Everest’s financial strength and expanding global network, we are excited to bring our underwriting expertise and a set of core P&C product offerings to this region.”

Chaves added: “The rapidly evolving insurance market in Mexico presents a significant opportunity for Everest and for companies in need of our financial strength, superior service and breadth of offerings across commercial and speciality property, casualty, marine and financial lines.”

Earlier this month, subsidiary Everest Insurance began operations in Australia upon securing clearance from the Australian Prudential Regulation Authority.

Everest Insurance Australia, as it is known locally, has opened offices in Sydney and Melbourne, aiming to meet the Australian market’s need for tailored risk solutions.  

The recent launches in Mexico and Australia build on Everest Insurance’s previous expansion into Spain, where it began operations early last year.

The Spanish division, operating as Everest Insurance (Ireland) DAC, Sucursal en España, has a presence in Madrid and Barcelona, further solidifying Everest’s presence in key international markets.