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Everest Re unit to cover credit and political risks

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Everest Re Group Ltd. has launched a new credit and political risk business unit.

The Everest Insurance unit, based in Liberty Corner, New Jersey, will provide credit and political risk coverages for banks, corporations, exporters, contractors, and infrastructure developers, Hamilton, Bermuda-based Everest Re said Thursday in a statement.

Washington-based Jim Thomas will lead this unit under Everest Specialty Underwriters. Previously, Mr. Thomas was head of the global credit and political risk business at Zurich Insurance Co. Ltd., according to the statement.

“Credit and political risk is a natural extension of our current product portfolio, and Jim is recognized as an industry authority in these areas. Jim’s experience and expertise in this market, coupled with Everest’s financial strength and global footprint, will allow us to meet the needs of our customers and brokers,” New York-based Mike Karmilowicz, head of Everest Specialty Underwriters L.L.C., said in the statement.