Everest Reinsurance, part of Everest Group, has set up an office in Gujarat International Finance Tec-City (GIFT City) in India, following approval from the International Financial Services Centres Authority (IFSCA).

The new office will operate within Everest’s Asia-Pacific Reinsurance division and will be overseen by Reinsurance Asia and Pacific head Kevin Bogardus.

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.”

The GIFT City location is intended to broaden the company’s regional footprint and enhance engagement with local clients, covering casualty, property and specialty reinsurance activities.

Reinsurance executive vice-president and CEO Jill Beggs said: “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.

“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.”

Everest Group is an underwriter active in property, casualty and specialty reinsurance and insurance through its international affiliates.

In January this year, Everest Group appointed Jim Williamson as president and CEO.

Williamson had been acting as the group’s interim CEO since the start of the year. He brings more than 20 years’ experience in the property and casualty insurance sector.

He joined Everest in 2020 as its group chief operating officer (COO) and has since advanced to lead the company’s Reinsurance and Insurance divisions as executive vice-president and group COO.