“Everest’s launch in India presents 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,” said Jill Beggs, Executive Vice President and CEO, Reinsurance.
Gandhi Nagar/ GIFT City: Everest Reinsurance(Everest Re), the reinsurance division of Everest Group, Ltd. today announced the opening of 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 form part of Everest’s Asia Pacific Reinsurance business, under the leadership of Kevin Bogardus, Head of Reinsurance Asia and Pacific.
“Everest’s launch in India presents 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,” said Jill Beggs, Executive Vice President and CEO, Reinsurance.
“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,” he added.
The IFSCA, a unified regulator for developing India’s first International Financial Services Centre(IFSC) is the licensing authority of the GIFT-IFSC and it has already issued licenses to half a dozen of global players including Berkley Insurance Asia, Allianz Partners, Peak Re, Singapore Re, Doha Insurance Group, Generali and Indian government owned GIC Re to set up their reinsurance operations in the GIFT-IFSC.
One more global reinsurer Starr International Singapore, an entity of US based Starr International have also applied for licenses from IFSCA to operate in the GIFT-IFSC.
“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,” stated Kevin Bogardus.
The GIFT City office underscores Everest’s long-term strategy to diversify geographically, deepen local client engagement, and expand offerings across property, casualty, and specialty reinsurance lines.
About Everest
According to AM Best ranking, Everest is the largest Bermuda-based reinsurer, with a gross written premiums of $12.9 billion in 2024 against $11.5 billion in 2023.
Everest Group, Ltd. (Everest) is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions that address customers’ most pressing challenges. Known for a 50-year track record of disciplined underwriting, capital and risk management, Everest, through its global operating affiliates, is committed to underwriting opportunity for colleagues, customers, shareholders, and communities worldwide.