Everest Announces Strategic Alliance with Arrowhead General Insurance Agency
HAMILTON, Bermuda -- March 27, 2013
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
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.
Everest Global Services, Inc.
Elizabeth B. Farrell
Vice President, Investor Relations
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