istock-125563192_menonsstocks
iStock/ Menonsstocks
11 July 2019Insurance

MS Amlin pulls back from Indian reinsurance market following group-wide performance review

MS Amlin, the  first re/insurer to join Lloyd's India office, has informed the Indian regulator IRDAI that it has decided to discontinue business operations in India as part of a group-wide review of its operating structure and performance.

According to the Insurance Regulatory and Development Authority of India (IRDAI), MS Amlin through Lloyd’s India has not underwritten any business other than that of Agriculture Insurance (AICL) in the FY 2017-18.

Both MS Amlin and AICL has informed IRDAI that they wish to enter into a novation agreement for transfer of the existing reinsurance treaties to MS Amlin Underwriting (MSAUL) at Lloyd’s London.

The regulator noted that following its decision to exit the Indian reinsurance market, MS Amlin must close all its bank accounts in India and submit supporting documents with the IRDAI. However, Lloyd’s India will remain accountable to the IRDAI and ensure that any issues on the matter of novation agreement are to be escalated to Lloyd’s London and also to MS Amlin to ensure speedy resolution.

MS Amlin was granted joint Certificate of Registration (CoR) by the authority to transact reinsurance business for the period of three years with effect from March 29, 2017.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Swiss Re suspends £3bn ReAssure IPO due to weak investor demand in UK market

EC3 Brokers expands with senior appointments in US

Europe counts cost of  severe June weather in billions: Aon Cat report

PartnerRe reveals new president of US life operations

Ares expands insurance operations with new launch and M&A

Save £600 with the Intelligent InsurTECH Europe Super Early-Bird rate:  Book now

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
4 September 2019   Re/insurer MS Amlin's head of reinsurance business, James Few, has stepped down with immediate effect to join TigerRisk Partners as CEO of its London office.
Insurance
28 August 2019   The dial is slowly shifting for diversity and inclusion in the insurance industry, but is still lagging far behind other sectors due to the lack of flexibility in workplaces and initiatives to support change.
Insurance
21 August 2019   Global re/insurer MS Amlin has started trading risks on Whitespace Software Limited, a London-based technology company.