Bermudian-based Everest has officially launched its Australian insurance operations after receiving approval from the Australian Prudential Regulation Authority.

The business will operate under the name Everest Insurance Australia, with offices established in Sydney and Melbourne.

Christian Colombera, managing director, Australia and head of the Pacific region, will lead the business alongside a team of regional underwriters to serve the growing needs of corporations across the Australian market.

“As we continue enhancing our global presence, we bring Everest’s customer-first model and decades of underwriting discipline and financial strength to address the unique and growing needs of the Australian market,” said Mr Colombera.

“We have assembled a deeply experienced team with a keen understanding of local market dynamics and the challenges facing businesses demanding the capacity and expertise across a wide range of insurance needs that Everest will deliver.”

Everest said its breadth of bespoke insurance products will help fill a crucial void for tailored risk solutions in the property, casualty, financial lines, professional lines, and energy and construction sectors with the speed and agility required in today’s insurance landscape.

Scott Leney, head of Asia Pacific, Everest Insurance International, said: “Australia is a top-ten global insurance market ripe for Everest’s agile and entrepreneurial approach to risk. Australian clients and brokers need Everest’s financial support, top industry talent and broad suite of specialty products and capabilities.”