Reinsurance conversation must move ‘beyond price’ – Everest

Everest Group will not chase premium as reinsurance pricing comes under pressure, with North America treaty reinsurance head Jason Busti stressing that growth must remain underpinned by price adequacy and underwriting discipline.

Speaking to GR at RVS 2026 in Monte Carlo, Busti (pictured), who joined Everest only four months ago, identified people and culture, in-house expertise, and the depth of its client partnerships as the three pillars of his strategy.

“We’re always thinking towards growth, especially when we’re thinking about the new opportunities and the things that are complementary to our portfolio,” he said.

“But our mantra is underwriting discipline, so there’s no pressure to grow. We’re not going to chase premium. It’s really going to be around price adequacy and product complement to the portfolio.”

Beyond the price discussion

With property catastrophe pricing facing further downward pressure at upcoming renewals, Busti said Everest would assess opportunities on a deal-by-deal basis rather than focus solely on headline rate movements.

“Price adequacy is just fundamental for sustainability,” he said.

“We’re not just focusing on price. We’re shifting the conversation to talk about long-term value, and that long-term value conversation could be radically different with different partners.”

Everest’s differentiation in a reinsurance market with plentiful capacity would similarly come from expertise and client engagement rather than price, he added.

“Capacity is very important, and we have capacity for the right partners,” Busti said.

“But further, it’s really unlocking that expertise, culture, surrounding the customer and getting deeper, so that we can really figure out what the customer actually needs for the next phase of the market,” he continued.

Casualty demands transparency

On US casualty, Busti said Everest was comfortable with its current portfolio, while acknowledging significant differences between underlying classes and continuing uncertainty surrounding social inflation.

Workers’ compensation was in a “very different place” to general liability, umbrella and excess business, he said, with opportunities ultimately dependent on individual risk-adjusted returns.

“What would trigger us to do more? It’s going to be a price adequacy conversation that unlocks us leaning more in,” he said. “But even today, we are growing in certain areas or with certain customers.”

Transparency would also be critical, he suggested, particularly around claims and reserving practices.

“The underlying lines are too complex and too dynamic at the moment to not have the transparency and not have as much information as we can get,” Busti said.

Third-party capital, including sidecars, offer additional flexibility without changing the reinsurer’s underwriting approach.

Everest launched Annapurna Re in June 2026 as a $600m casualty and specialty reinsurance sidecar in partnership with anchor investor Stone Point Insurance Solutions.

More broadly, Busti concluded: “The conversation needs to move beyond price and really towards long-term value and partnerships.

“I think our superpower and our key differentiators are really the people and the expertise that we bring, and the way we will continue to engage our customers.”