Lloyd’s expansion in India has welcomed its second syndicate with Markel set to join the platform.
The world’s largest re-insurance market opened its doors in India earlier this month with Amlin set-up as its first syndicate. Markel will soon follow suit, according to the Indian Express.
Ada Lam, underwriter at Markel International, Singapore, said that the firm will look to further develop its presence in the emerging market.
“We see a great opportunity for us to help educate and develop our book of business in India.
“India’s growing economy will result in the need to purchase product liability and we are looking to take advantage of our new position on the Lloyds Platform that was recently opened in Mumbai,’’ Lam told the publication.
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Lam continued that the firm receives enquiries on a daily basis from India across all lines of liability. Markel will look to work across niche lines, as well as on cyber insurance.
“With changes in regulations made recently and further ones to be made, we anticipate focusing on niche classes where our capacity will be appreciated more. Trade credit, along with product liability, will eventually offer this we believe,” Lam continued.
Indian authorities have recently highlighted cyber insurance as a product that should be purchased, particularly in the financial sector, and Lam noted that this support will see the business look to move into this space once the risks involved are fully understood.
Markel becomes the latest in a string of international firms to move further into the Indian market.
Alongside the launch of the on-shore Lloyd’s platform in Mumbai, XL Catlin
, Swiss Re
and Fairfax have all made moves since the beginning of 2017.
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