Everest Insurance® Launches New Cyber Elevation Insurance Policy

New York, New York – March 27, 2018 -- Everest Re Group, Ltd. (NYSE:RE) announced today the launch of the new Everest Insurance^® Cyber Elevation^SM Insurance Policy (“Cyber Elevation”), which provides comprehensive cyber coverage and risk mitigation and remediation services to companies across all industry classes. 

The release of Cyber Elevation comes at a critical time for many companies as they look to ensure network resiliency in the midst of an increasing number of cyberattacks targeting companies of all sizes.  According to a recent CNBC survey, most CFOs identified cyberattacks as the number one risk factor facing their business.

“The cyber threat landscape is an evolving risk that permeates every level of a company. This creates challenges for many corporate leaders who may feel that they are in a race against time,” said Everest’s Cyber Insurance Practice Leader, Kevin Sherry. “Cyber Elevation was designed with the understanding that effective cyber insurance extends beyond coverage. It is about providing immediate access to a suite of comprehensive services from qualified providers to assist our insureds in responding to a cyberattack, while helping them build a resilient network to prevent future attacks.”

Unique Features include:

• Risk improvement incentive reimbursements for a suite of services, such as the development, review and testing of an Incident Response Plan by top-tier service providers or an insured’s preferred vendors

• Social Engineering coverage with reduced retention if a 24/7 hotline is called within 48 hours

• Risk management incentives and reimbursements for implementing any recommended system improvements or software patches in the midst of a ransomware outbreak

• Reputation Repair inclusive of ad spending, notifying the general public, and other costs

• PCI Recertification Costs

• Reduced waiting period for Business Interruption Loss if triggered by a Distributed Denial of Service Attack (DDOS), such as attacks from multiple compromised systems that have previously caused disruptions on major internet platforms

• 24/7 incident response hotline with experienced privacy counsel including lower retentions for panel providers

• Coverage for non-panel providers

“Everest is dedicated to bringing new and innovative products solutions to market that service our insureds’ actual needs,” said Keith Lavigne, Head of Management and Professional Liability for Everest Specialty Underwriters. “We are committed to helping our insureds grow in confidence with regard to their network defenses and data protection. We look forward to partnering with them to solve their complex cyber insurance needs.”

Everest Re Group, Ltd. is a Bermuda holding company that operates through the following subsidiaries: Everest Reinsurance Company provides reinsurance to property and casualty insurers in both the U.S. and international markets. Everest Reinsurance (Bermuda), Ltd., including through its branch in the United Kingdom, provides reinsurance and insurance to worldwide property and casualty markets and reinsurance to life insurers. Everest Reinsurance Company (Ireland), dac. provides reinsurance to non-life insurers in Europe. Everest Insurance^® refers to the primary insurance operations of Everest Re Group, Ltd., and its affiliated companies which offer property, casualty and specialty lines insurance on both an admitted and non-admitted basis in the U.S. and internationally. The Company also operates within the Lloyd's insurance market through Syndicate 2786. In addition, through Mt. Logan Re, Ltd., the Company manages segregated accounts, capitalized by the Company and third party investors that provide reinsurance for property catastrophe risks. Additional information on Everest Re Group companies can be found at the Group’s web site at www.everestre.com.