Bermudian-based Everest has received regulatory approval to operate in Mexico, with headquarters in Mexico City, and with Jaime Chaves López, head of Mexico, leading operations.

“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,” said Mr Chaves.

Pablo Korze, senior vice-president and regional president, Latin America, added: “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.”

Adam Clifford, co-lead of Everest Insurance International, added: “We have an outstanding team of professionals in Mexico, and under Jaime’s leadership I am confident in our ability to become a preferred market leader in Mexico and around the globe.”

Everest received regulatory approval from the Comisión Nacional de Seguros y Fianzas to operate in Mexico, trading as Compañía de Seguros Generales Everest México SA de CV.

Earlier this year Everest officially launched its Australian insurance operations after receiving approval from the Australian Prudential Regulation Authority.