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Toronto--(BUSINESS WIRE) — Executive Risk Group Ltd. today announced that its subsidiary, Executive Risk Insurance Services Ltd. (ERIS), has entered into a transaction with Everest Insurance Company of Canada to sell the renewal rights and operations for its Financial Lines business. The transaction does not include the Trade Credit business which underwrites trade credit, political risk and terrorism, within ERIS. Everest Insurance Company of Canada is a member of the Everest Re Group. Elan Pratzer, President and CEO of Executive Risk Group Ltd., commented: "We are excited about this announcement as the transaction is in the best long term interest of our shareholders and employees as it allows us to focus on both our growing Trade Credit business and the identification of other niche insurance opportunities. Due to the current market conditions, our Financial Lines business is better associated with a company that has a substantial North American presence in this segment." Executive Risk Group Ltd. is a specialty insurance holding company with ownership of a Managing General Agency with a coverholder status at Lloyd’s of London. Executive Risk Group Ltd. is dedicated to investing in innovative platforms servicing the insurance industry. Everest Re Group Ltd. is a Bermuda holding company that operates through various subsidiaries, including Everest Insurance Company of Canada. Everest Insurance Company of Canada provides property and casualty insurance to policyholders in Canada. Everest Re Group Ltd. and its affiliates are rated A+ by AM Best.
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Executive Risk Group Announces the Sale of the Renewal Rights of its Subsidiary’s Financial Lines Business