19 January 2017Insurance

Lloyd's to open India reinsurance branch before April

Lloyd's of London has received the final regulatory R3 approval from the Insurance Regulatory Development Authority of India (IRDAI) to open a reinsurance branch in India.

It will open a Lloyd’s India branch in Mumbai in time for the April reinsurance renewals.

John Nelson, Lloyd’s chairman, said: “This is a watershed moment in Lloyd’s international strategy. We have now cemented our access to the world’s largest, fast-growth economies, those most in need of the specialist insurance to protect their expanding asset base.

“Lloyd’s will bring expertise and specialist capacity to India’s insurance market and work in partnership with local insurance businesses to develop innovative solutions that meet the unique needs of the growing economy.

“Lloyd’s will help to share and develop expertise across the industry to position India as an international centre for insurance and reinsurance. A strong and diverse reinsurance market will de-risk the economy and enable its entrepreneurs and businesses to take risks and thrive.

“A local presence in India will bring Lloyd’s closer to clients and risks enhancing understanding and the ability to develop new solutions for the needs of the Indian market with a particular focus on agriculture, infrastructure and disaster management.”

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
6 February 2017   Global reinsurers are piling into India in search for growth, but this is likely to increase competition in an already soft market, according to experts speaking to Intelligent Insurer.
Insurance
31 January 2017   Lloyd's has strengthened its capital position through the issuance of a new £300 million 30-year Non-Call 10 subordinated bond.
Insurance
23 January 2017   XL Catlin is set to open an onshore reinsurance branch office in India having received the final approval from the Insurance Regulatory Development Authority of India (IRDAI).