Balancing scale with local agility—Everest Re talks APAC strategy

Being a global heavyweight in the reinsurance industry doesn’t have to come at the cost of flexibility or speed—or so Everest Reinsurance is intent on proving. Kevin Bogardus, chief executive of Everest Reinsurance’s Singapore branch, spoke to SIRC Today to share how the reinsurer is strategically positioning itself to meet the unique challenges of a complex and ever-evolving market.

Navigating a diverse and often unpredictable market requires pairing global heft with local agility, Bogardus believes. “Everest has transformed significantly over the years,” he explained, highlighting the company’s evolution. 

“We’ve built a culture centred around empowerment and responsiveness. It means that, even as a major global reinsurer, we act with the nimbleness of an agile entity,” he said.

This transformation is more than a corporate talking point—it’s a philosophy that shapes day-to-day operations and client interactions. “Our clients genuinely rely on our consistency and resilience. And that’s a major differentiator for us.

“Our underwriters in Singapore have the authority to make key decisions and develop tailored solutions quickly,” he added, noting how this level of empowerment ensures that Everest can deliver on-the-ground solutions that make a difference in a market that’s fiercely competitive.

Everest’s approach to the Asia-Pacific market isn’t one-size-fits-all. “Our strategy here is anything but broad-brushed,” Bogardus said. 

The economic landscapes, regulatory frameworks, and insurance environments vary dramatically across the region, and Everest’s strategy reflects this reality. “Each country and client is considered individually. We’re not making assumptions; we’re delving into the specific needs and complexities of every market,” he said.

“We don’t rely on making bold, sweeping statements about the market.”

“We’re talking about a region that stretches from India to Japan and South Korea to New Zealand, each country with its own economic landscape and insurance environment,” he noted. “Insurance penetration, for example, is vastly different across markets. India, with its young and growing demographic, has completely different needs compared to Japan’s ageing population.

“We are a long-term, stable partner,” Bogardus said. “Our team is always ready to respond swiftly. We don’t rely on making bold, sweeping statements about the market. Instead, we focus on meaningful, broad-based relationships.”

Spreading the load

Diversification has been a core focus for Everest. “We’ve been moving towards diversifying our portfolio,” Bogardus said. This diversification is twofold: geographical and product-based. 

He added that no single country or territory accounts for more than 20 percent of its book. This geographic spread allows it to balance its portfolio and be more resilient during market shifts, he stated. 

“Property remains a focus area, and we’ve also moved into accident and health, casualty, and other specialty areas based on what’s most appropriate for each market,” Bogardus shared.

Everest has invested heavily in bringing new expertise into the fold. “We’ve added specialists in areas such as accident and health,” he noted “Our aim is to offer a broader suite of solutions that meet our clients’ evolving needs.”

Growth in specialty lines has accelerated noticeably over the last couple of years. “We’re certainly seeing growth, especially over the last two years,” Bogardus said. The company’s focus on specialties aligns with a global shift within Everest itself. 

“We’ve reinvigorated the culture here in Asia-Pacific, empowering our long-standing, talented underwriters and bringing in more specialists,” he said.

As natural catastrophes become more frequent and severe, the reinsurance industry faces mounting pressure, and Everest Re is keenly aware of this. “Capacity is available,” Bogardus explained, “but not all markets are equal”. Allocation is strategic and goes beyond property risks: “Our capacity is deployed where modelling is robust and where we see the strongest growth opportunities.”

Looking forward, he said Everest Re is committed to its vision of balancing global scale with local agility. The company’s strategic focus on diversification, specialised expertise, and disciplined risk management prepares it for whatever lies ahead. 

“We are strong, nimble, and responsive. Our clients can count on us to act quickly, to bring solutions, and to be a consistent partner through all market cycles,” Bogardus concluded.

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