Lloyd’s announced it intends to file an application to open a reinsurance branch in Mumbai, following the publication of regulations governing the Lloyd’s market earlier this week by the Insurance Regulatory and Development Authority of India (IRDAI).
An onshore branch will provide Indian reinsurance brokers with local access to Lloyd’s underwriting expertise and reinsurance solutions for complex and specialist risks, including agriculture, infrastructure and disaster management, Lloyd’s said in a statement, noting that the market has a century-long relationship with India as a provider of offshore reinsurance.
“As an international insurance and reinsurance market, Lloyd’s can bring unique benefits to India. We believe a Lloyd’s presence will contribute to the development of a more diverse reinsurance market, which is fundamental to the stability and future growth of the Indian economy,” said John Nelson, chairman of Lloyd’s.
“While there are elements in the published regulations which may impact the ability of our market to perform to its full potential in India, we are nonetheless pleased that the regulatory framework has now been published, enabling us to submit an application for a reinsurance branch,” he added.
“We have a long history of supporting India, and we look forward to this new phase in our relationship,” said Vincent Vandendael, Lloyd’s director of Global Markets.
“Lloyd’s underwriters will work closely with brokers and clients to craft policies that meet specific needs and gaps in the market. We look forward to helping to create a world-class insurance and reinsurance market in India as we have done elsewhere in the world,” Vandendael continued.
Lloyd’s recently announced the appointment of Shankar Garigiparthy as its new country manager for India commencing April 1, 2016. Garigiparthy brings over 23 years’ experience to the role, most recently leading regulatory relationships for Lloyd’s in Singapore and across Southeast Asia.
Arun Agarwal, general representative for Lloyd’s in India since 2011, continues in his role supporting Shankar and providing his expert guidance and counsel to Lloyd’s.
Source: Lloyd’s
Topics Legislation Excess Surplus Reinsurance Market Lloyd's
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