HAMILTON, Bermuda—Everest Re Group Ltd.’s new Everest Reinsurance Co. (Ireland) Ltd. unit has been granted a license by the Irish Financial Services Regulatory Authority to operate as an authorized nonlife reinsurer in Ireland.

The move will allow the company to operate throughout the European Union under a single regulatory framework, Hamilton, Bermuda-based Everest Re said Monday.

The new operation is headquartered in Dublin and with its direct parent, Everest Underwriting Group (Ireland) Ltd., will “form a hub for Everest’s continental European operations” and complement existing operations in London, Brussels, Belgium, and a new operation in Cologne, Germany, Everest Re said in a statement.

“Our Irish company enhances our position in this important market and increases our operating flexibility by giving our customers access to our highly rated security through a European Union regulated company,” Mark de Saram, chairman of the Everest Reinsurance Co., said in the statement.