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<\/a><\/a>\nUnder the transaction, Mereo will become the insurance carrier on a go-forward basis for both new and renewed business effective June 1, 2026. ESL\u2019s underwriting team and underwriting systems supporting the Excess Casualty Energy portfolio will also transition to Mereo, led by former ESL Chief Underwriting Officer, Carla Greaves.<\/p>
\nUnder the terms of the agreement, Mereo will provide ESL insureds with continuity of coverage, access to AM Best \u201cA- rated\u201d paper, and the support of Mereo\u2019s strong capital base, while ESL will service claims, ensuring that insureds continue to benefit from ESL\u2019s prompt, transparent, and fair approach to claims servicing.<\/p>
\nThe transaction supports Mereo\u2019s vision to become a leading next-generation global insurance and reinsurance platform by bridging the traditional insurance market with capital markets.<\/p>
\n\u201cThis transaction is a strong strategic fit for Mereo and underscores our commitment to providing durable capacity and consistent, high-quality service to the energy market,\u201d said David Croom-Johnson, President & Chief Executive Officer of Mereo Insurance Limited.<\/p>
\n\u201cWe are pleased to welcome the experienced ESL underwriting team and to work in close partnership with the Everen Group to deliver a smooth transition for brokers and clients ahead of June 1 renewals. We see this as a mutually beneficial, long-term relationship, building on ESL\u2019s 40-year track record in the Bermuda market, a solid portfolio of business, and an experienced team of underwriters.\u201d<\/p>
\nRobert Foskey, President & Chief Executive Officer of the Everen Group, commented, \u201cThis is an important milestone, and we are pleased that Mereo will carry the ESL Excess Casualty Energy portfolio forward. Our priorities throughout have been clear: continuity for the insureds who rely on large casualty limits, a soft landing for the ESL underwriting team, and a partner who will hold to the standards of service our insureds expect.\u201d<\/p>
\n\"As a Bermuda-based company invested in the long-term strength of this market, we are equally pleased that the transaction keeps meaningful excess liability capacity on-island.\"<\/p>
\nMereo and ESL are working closely together to ensure that renewed policies are transitioned seamlessly on or before June 1, 2026. Existing broker and client relationships will be supported by a coordinated handover plan.<\/p>
\nAbout Mereo:<\/b><\/p>
\nMereo is a Bermuda-based insurer and reinsurer providing specialty solutions across Casualty, Specialty and Property classes and participates on both on a proportional and non-proportional basis through its office in Hamilton, Bermuda. The company maintains an AM Best A- (Excellent) financial strength rating with a Stable outlook and a well-capitalized platform that underpins its ability to deliver continuity of cover and long-term support to policyholders. For further information about Mereo visit: www.mereoinsurance.com<\/a><\/p> \nAbout Everen Group:<\/b><\/p> \nThe Everen Group \u2013 a group of leading energy insurance companies based in Bermuda \u2013 includes two independent operating companies providing complementary products: Everen and Everen Specialty. For further information about the Everen Group visit www.everengroup.bm<\/a><\/p> \nFor inquiries regarding this press release, please contact Elizabeth Deacon, Communications Manager at elizabeth.deacon@everengroup.bm<\/a><\/p>