Everest Re Group, Ltd. (NYSE: RE) today announced that its wholly-owned
primary insurance subsidiary, Everest Security Insurance Company,
(“ESIC”) has entered into a definitive agreement with Arrowhead General
Insurance Agency, Inc. (“Arrowhead”), a subsidiary of Brown & Brown,
Inc. (NYSE:BRO), whereby ESIC will transfer certain assets associated
with its non-standard automobile business to Arrowhead.
Effective April 1, 2013, all of ESIC’s employees will become employees
of Arrowhead and Everest will become the exclusive underwriter of the
combined non-standard automobile book of business for Arrowhead. This
strategic alliance will grow Everest’s non-standard automobile business
from $30 million to approximately $80 million under the combined book.
The pairing of Everest’s financial strength with Arrowhead’s
longstanding expertise in the non-standard automobile sector creates
operational efficiencies and growth opportunities for both parties.
Daryl Bradley, President of Everest’s primary insurance operations,
stated, “I am very pleased to expand our current business relationship
with Arrowhead. This alliance gives Everest immediate scale in the
non-standard automobile sector and the ability to utilize Arrowhead’s
infrastructure and technology capabilities to expand our market share in
this sector.”
Chris Walker, Chief Executive Officer of Arrowhead, said, “The decision
to enter into this agreement developed from Arrowhead’s longstanding
relationship with Everest as it currently writes several programs with
Arrowhead. Everest is a blue chip company with exceptional financial
strength and smart, creative people driven to produce strong results,”
Walker further commented, “Fortunately, we have built longstanding
business and personal relationships with the Everest team and frequently
discuss program opportunities. This venture will allow Everest to
further tap into our infrastructure and technology capabilities as we
work together to scale the program for growth. It truly is a win-win
scenario.”
Everest Re Group, Ltd. is a Bermuda holding company that operates
through the following subsidiaries: Everest Reinsurance Company provides
reinsurance to property and casualty insurers in both the U.S. and
international markets. Everest Reinsurance (Bermuda), Ltd., including
through its branch in the United Kingdom, provides reinsurance and
insurance to worldwide property and casualty markets and reinsurance to
life insurers. Everest Reinsurance Company (Ireland), Limited provides
reinsurance to non-life insurers in Europe. Everest National Insurance
Company and Everest Security Insurance Company provide property and
casualty insurance to policyholders in the U.S. Everest Indemnity
Insurance Company offers excess and surplus lines insurance in the U.S.
Everest Insurance Company of Canada provides property and casualty
insurance to policyholders in Canada. Additional information on Everest
Re Group companies can be found at the Group’s web site at www.everestregroup.com.
Arrowhead General Insurance Agency, Inc., headquartered in San Diego, is
an independent national insurance program manager for commercial,
personal and specialty products and is one of the largest general
agencies in the U.S. with over $800 million written premium. Arrowhead’s
relationships with strong insurance carriers provide stability for its
nationwide network of producers. For more information about its products
and services, please visit their website at www.arrowheadgrp.com.
Arrowhead is a subsidiary of Brown & Brown, Inc. (NYSE: BRO), which is
ranked by Business Insurance magazine as the United States' sixth
largest independent insurance intermediary with $1 billion total
revenue. For more information about Brown & Brown, Inc., please visit
their website at www.bbinsurance.com.