Bermuda-based carrier Mereo Insurance Limited (Mereo) expands into excess casualty insurance by acquiring Everen Specialty Ltd.’s (ESL) excess casualty energy portfolio renewal rights
ESL is a member of the Everen Group, a Bermuda-based global insurance company in the energy markets. Under the terms of the deal, Mereo will become the insurer for new and renewal business, effective June 1, 2026.
Additionally, ESL’s underwriting team and underwriting systems handling the excess casualty energy portfolio will transition to Mereo and be led by former ESL chief underwriting officer Carla Greaves.
Mereo will provide ESL insureds with continuity of underwriting, access to AM Best “Class A” notes and the support of a strong capital base.
The parties are working closely to ensure a seamless transition to the new policy on or before June 1, 2026, while existing broker and client relationships are targeted to be supported through a coordinated transition plan.
ESL will be responsible for servicing claims, ensuring insureds continue to benefit from its “timely, transparent and fair approach to claims servicing”.
The transaction is in line with Mereo’s long-term strategy to become a leading next-generation global insurance and reinsurance platform by bridging traditional insurance markets with capital markets.
David Croom-Johnson, President and Chief Executive Officer (CEO) of Mereo Insurance Limited, commented: “This transaction is a strong strategic fit for Mereo and underscores our commitment to providing durable capacity and consistent, high-quality services to the energy markets.
“We are pleased to welcome the experienced ESL underwriting team and work closely with Everen Group to provide a smooth transition for brokers and clients ahead of renewals on June 1.
“We view this as a mutually beneficial, long-term relationship built on ESL’s 40-year track record in the Bermuda market, solid business portfolio and experienced team of underwriters.”
Everen Group President and CEO Robert Foskey added: “This is an important milestone and we are pleased that Mereo will drive ESL’s excess casualty energy portfolio forward.
“Our priorities have been clear throughout: providing continuity for insureds who rely on large casualty limits, a soft landing for the ESL underwriting team, and partners who uphold the service standards our insureds expect.
“As a Bermudian company invested in the long-term strength of this market, we are equally pleased that the transaction retains meaningful excess debt capacity on the island.”