Everest Reinsurance, the reinsurance division of Everest Group, is opening a new office in Gujarat International Finance Tec-City (GIFT City), India, following regulatory approval from the International Financial Services Centres Authority (IFSCA).
The new operation will reportedly form part of Everest’s Asia Pacific Reinsurance business, under the leadership of Kevin Bogardus, Head of Reinsurance Asia and Pacific.
Bogardus said, “Everest has built strong relationships with many of India’s leading insurers over the years.
“Establishing a branch in GIFT City positions Everest to expand its partnerships with both local and multinational insurers, delivering tailored solutions to meet the evolving needs of this market.”
Jill Beggs, Executive Vice President and CEO, Reinsurance, Everest, commented on the news, “Everest’s launch in India presents a significant opportunity, as one of the most dynamic reinsurance markets globally, shaped by strong economic growth, and rising demand for the advanced, long-term reinsurance solutions we offer.
“We look forward to bringing our underwriting expertise, capital strength, and client-first culture to deliver long-term value to clients across Asia and globally.”
In related news, our directory of the top 50 global reinsurers, based on AM Best data, shows that Everest has become the largest Bermuda-based reinsurer, with 2024 gross written premiums rising to $12.9 billion from $11.5 billion in 2023.
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