Reinsurance Group of America (RGA), a global reinsurer headquartered in the US, has announced that its branch in India commenced operations on Wednesday. The group said that it sees great potential for growth in Asia’s third largest economy.
The company obtained the necessary licenses and approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and opened a branch in Mumbai. RGA India is affiliated with RGA’s Canada operations.
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The firm has reinsurance agreements with 23 life insurers in India, including state-owned LIC, the largest player in the market. It also works with five insurers in Sri Lanka.
“RGA has long term commitment to Indian insurance market and is keen to provide continued service to its clients,” Thomas Mathew, RGA chief executive, said.
“With the branch license and commencement of the branch operations, RGA will be able to give better, faster and efficient services to its clients.”
RGA is a Fortune 500 company that specializes in life and health reinsurance and does business in over 60 countries worldwide. It has US$10.4 billion in total revenue and assets of US$50.4 billion as of 2015. Since 2001, RGA has operated in India as a foreign reinsurer through its Ireland branch.
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