has received final approval to open an onshore reinsurance branch office in India.
The international giant revealed that the Insurance Regulatory Development Authority of India (IRDAI) approved the move last week with the operation set to open its doors in Mumbai in the near future.
is hoping to open the branch in time for the April 01 renewal period, it was confirmed.
“The re/insurance market in India is evolving and developing at a staggering pace; there is huge opportunity for reinsurance companies who understand the local market and have a global track record in delivery,” Mike McGavick, chief executive of XL Catlin
, said of the move.
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Joseph Augustine has been appointed CEO of the Mumbai-based branch.
Greg Hendrick, XL Catlin
’s president of property & casualty, said that the business is committed to helping develop the fledgling reinsurance market in India.
“We intend to bring in our global expertise and provide regular training for our team in India as well as broader market workshops on key areas including underwriting, claims management, communications and sales,” Hendrick said.
joins a host of other international businesses looking to open their doors to the Indian market.
In November 2016, it was revealed by Insurance Business
that Lloyd’s had secured approval to set-up its own onshore reinsurance branch in the country, which is also set to be operational for the April 1 renewal period.
Earlier this year, Swiss Re was also granted approval by the IRDAI to open a Mumbai branch.
Swiss Re receives license to offer reinsurance in India
Lloyd’s to open India reinsurance branch in April