Insurance company Everest Group has received regulatory approval to operate in Mexico, setting up a headquarters in Mexico City to be led by Jaime Chavez Lopez (pictured).

Everest announced the expansion of its international insurance network on Thursday, and appointed Lopez after receiving approval from the country’s National Security and Finance Commission.

The new entity is trading as Compania de Seguros Generales Everest Mexico, expanding the company’s operations in Latin America.

Chavez said in a statement that Mexico’s “rapidly evolving” insurance market presents a “huge opportunity” for Everest and other companies in need of its offerings across commercial and specialty real estate, casualty, marine and financial lines.

Chaves has over 25 years of experience, having previously worked at companies such as Chubb, Odyssey Reinsurance Latin America and the Caribbean, Swiss Re Mexico and Swiss Re Columbia.

“Mexico’s growing economy and geographic location make it a key emerging market in the global financial landscape, and Mount Everest is well-positioned to serve it,” said Pablo Corzi, the company’s senior vice president and regional head of Latin America.

Everest is excited to bring its underwriting expertise and suite of core property and casualty product offerings to the region, Curzi said.

Adam Clifford, co-president of Everest Insurance International, also commented on the announcement, saying that the company has an “outstanding” team of professionals in Mexico.

He also noted that under Chavez’s leadership, Clifford is confident in the company’s ability to become the “preferred market leader” in Mexico and the rest of the world.