Everest Re forms alliance with Arrowhead

Everest Re Group’s insurance subsidiary, Everest Security Insurance Company, has entered into a definitive agreement with Arrowhead General Insurance Agency, a subsidiary of Brown & Brown.

The deal will see it transfer certain assets associated with its non-standard automobile business.

From the start of April, all Everest Security staff became employees of Arrowhead and Everest became the exclusive underwriter of the combined non-standard automobile book of business for Arrowhead.

Everest said the strategic alliance will grow its non-standard automobile business from $30 million to approximately $80 million under the combined book.

“The decision to enter into this agreement developed from Arrowhead’s longstanding relationship with Everest as it currently writes several programs with Arrowhead,” said Chris Walker, chief executive officer of Arrowhead. “This venture will allow Everest to further tap into our infrastructure and technology capabilities.”