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Everest Re unit to cover transactional risk, professional liability for hedge funds

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Everest Re Group Ltd. has launched an alternative solution group at Everest Specialty Underwriters, a division of Everest Insurance.

The group offers transactional risk insurance and professional and management liability insurance on both a primary and excess basis to private equity firms and hedge funds, Everest Re said Monday in a statement.

New York-based Robert Clark has been appointed vice president to head the new unit. Mr. Clark joined Everest Re in late 2015 from Axis Insurance Co., where he was vice president of the private equity group, according to the statement.

“The Everest platform continues to enhance its specialization via its focus on the development of innovative solutions for targeted industry groups. We are pleased to offer our latest customized offerings to the alternative asset management community through Everest Specialty Underwriters,” New York-based Jonathan Zaffino, president of Everest Insurance North America, said in the statement.