Tánaiste announces establishment of Everest Reinsurance operation in Dublin

Location of leading Reinsurance operation in Dublin further enhances Ireland’s reputation as leading location for international reinsurance activities

Dublin, Tānaiste and Minister for Enterprise, Trade and Employment Mary Coughlan TD today (21^st September 2009) welcomed the establishment by Everest, one of the top ten global reinsurers, of a Reinsurance operation in Dublin supported by the Irish Government with the assistance of IDA. The operation will conduct non-life reinsurance business in Ireland and throughout the European marketplace including Germany, France, Spain and Italy.

Commenting on the announcement, Tānaiste and Minister for Enterprise, Trade and Employment, Mary Coughlan TD said, ‘I am delighted to welcome Everest to Dublin and today’s announcement is a significant endorsement of Ireland’s position as a leading location for international reinsurance activities.’

‘Everest is one of the world’s leading reinsurance companies and possesses strong brand recognition within the reinsurance industry. The choice by companies of the calibre of Everest to locate their operations in Ireland demonstrates that Ireland is open for business with the capability to meet the requirements of world-leading corporations.’ An Tānaiste concluded.

Initially, Everest Reinsurance Company (Ireland), Limited will target non-marine property/casualty general reinsurance treaty business throughout the European market creating 5 highly skilled new jobs. Headquartered in Dublin, Everest Reinsurance Company (Ireland) Ltd together with its direct parent, Everest Underwriting Group (Ireland) Ltd form a hub for Everest’s Continental European operations and complement The Everest Groups existing operations in London and Brussels, and new operation in Cologne, adding to the breadth of its worldwide franchise. Everest Reinsurance Company (Ireland) Ltd has been rated A+ (Strong) by Standard & Poors and A+ (Superior) by A.M. Best, recognising the importance of this entity to the overall group.

Suggested Text for an Everest Representative taken from Everest Press Release

Speaking in relation to today’s announcement Mark de Saram, Chairman of the Everest Reinsurance Company (Ireland), Limited Board of Directors, said “With over thirty years experience operating on the European continent, Everest is recognized for underwriting and service excellence. Our Irish company enhances our position in this important market and increases our operating flexibility by giving our customers access to our highly rated security through a European Union regulated company.”

ENDS/ETE2109

Editors Note

Everest Reinsurance Group, a Bermuda holding company, operates through a number of subsidiaries in the underwriting of reinsurance and insurance in the US and other international markets. Everest is currently one of the top 10 global reinsurers. The company employs 850 people in its key operating subsidiaries in the US and Bermuda, as well as international operations in London, Toronto, Brussels, Singapore and Rio de Janeiro.

For further information please contact

Graham Waite, Chief Underwriting Officer, Tel +353 (0)1 669 4794

IDA Press Office

Antoinette Tyrrell, Press Officer, Tel: 00353 (0) 1 603 4256 Mob: 00353 (0) 87 7572053

Department of Enterprise, Trade and Employment – Press Office, Tel: 01- 6312200