Echo Re has appointed Ankur Sharma (pictured) as principal officer of its India International Insurance Office (IIO) at Gujarat International Finance Tec-City (GIFT City). The hire puts experienced leadership in place at the Zurich-based reinsurer's first branch outside Switzerland.
Sharma joins from Swiss Re, where he spent nearly a decade across the Mumbai and Bangalore offices, most recently as vice president. He previously held roles at Credit Suisse, now UBS, and Accenture. He will report to Swapnil Soni, regional manager for the Indian subcontinent at Echo Re.
Echo Re received approval from the International Financial Services Centres Authority (IFSCA) to establish the GIFT City branch on March 12. Founded in 2008 as a wholly owned subsidiary of Germany's DEVK Group, it was the company's first physical presence outside Zurich.
The reinsurer has maintained a presence in India's insurance market for more than a decade, and Asia accounts for 61% of its US$482 million in gross written premiums recorded in 2024. That footprint made India a natural location for the group's first branch.
Echo Re's treaty reinsurance portfolio in India spans P&C and specialty lines. Sharma's appointment operationalises the branch, with his remit covering growth across the Indian subcontinent and international markets.
Insurance and reinsurance premium volumes at GIFT City climbed from US$102 million in 2020 to more than US$1.2 billion in 2025, an eleven-fold jump, with around 24 insurance offices now active. More than 10 global reinsurers now hold licences in the zone.
India's parliament raised the foreign direct investment cap in insurance from 74% to 100%. The reform took effect in February 2026. Moody's reported that total insurance premiums in India rose 17% in the first eight months of fiscal 2025, up from 7% the year before.
Swiss Re has projected India's insurance market to grow at an annual real rate of 6.9% between 2026 and 2030. That pace would outstrip both China and the United States. India's reinsurance market was valued at $19.2 billion in 2024 and is projected to reach $41.5 billion by 2033, according to IMARC Group.
Echo Re serves clients across Asia-Pacific, the Middle East, Africa, Latin America and the Caribbean with P&C and specialty reinsurance products. Paul Hertelendy, chief underwriting officer, has described India as central to the group's portfolio strategy and one of the world's most active growth markets.
