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Liberty Corner-based Everest Reinsurance Holdings plans to move to tax-free Bermuda, where it will join a growing number of rivals. Everest said on Friday it will become a unit of Everest Reinsurance Group, a holding company in Bermuda. The move will “allow us to operate in a financially more-efficient manner,” Everest chief executive Joseph V. Taranto said. Everest, which was part of Prudential Insurance Co. of America until it went public in an initial offering four years ago, sells property-and-casualty reinsurance, or insurance for insurers, a field that grew more competitive in recent years. PXRE Corp., another New Jersey reinsurer, announced its own plans to move to Bermuda in July. Under its restructuring plan, shares of Everest Reinsurance Holdings will be exchanged for an equal number of shares in Everest Reinsurance Group. The Everest board authorized the company to buy up to 2.5 million shares in addition to the 1.9 million shares previously purchased. It also said it plans to raise $450 million by selling securities.
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