Everest Insurance, the insurance division of Bermudian-based Everest Re Group Ltd, has expanded into the Spanish market.

The move follows the receipt of regulatory approval from the relevant authorities to operate in Spain.

The operation will trade as Everest Insurance (Ireland) DAC, Sucursal en España.

The Spain branch is headquartered in Madrid, with another office opening in Barcelona.

Operations are led by José Ramón Morales, head of Spain.

Mr Morales said: “The Spanish market is quite sophisticated with a wide range of market exposures that require niche solutions Everest is well positioned to deliver.

“We are entering Spain with a depth and breadth of innovative product offerings along with a high calibre of underwriters with a deep understanding of the local market’s needs, empowered to provide superior service to our clients and brokers.”

Everest said its Madrid and Barcelona offices will provide a bespoke range of insurance products and risk solutions for key sectors including property, casualty, medical malpractice, financial lines, energy and construction, accident and health, and cyber.

The company said it continues to build out its team of seasoned underwriters to best serve the evolving needs of the Spanish market and support the company’s continued growth.

“Building on 50 years of financial strength, our deep expertise, speed to market, and customer-first approach enables us to bring our world-class services and additional capacity to the Spanish market,” said Vincent Vandendael, CEO of Everest Global Markets.

“As we continue to expand our European footprint, I look forward to working closely with José Ramón and his team of highly skilled, agile underwriters to address the unique needs of this market.”

The announcement comes on the heels of Everest’s primary insurance operations openings in France and Germany as well as its entrance into the Latin American and Asia Pacific markets and continues to advance its international expansion goals.