Saudi Re is putting a decade-long Swiss Re veteran at the helm of its India push. The MENA-based reinsurer has named Ruchi Jain as principal officer of its insurance and reinsurance Office at GIFT City. She will lead the operationalization of its new Indian branch.
Saudi Re obtained approvals from Saudi and Indian authorities to open the branch in January 2026. The company formally announced the expansion at a launch event in Mumbai shortly after.
The India move fits within a broader strategic push for the reinsurer. Saudi Re is listed on the Saudi Exchange as a portfolio company of the Public Investment Fund, with a capital base of SAR 1.7 billion ($453 million).
The expansion aligns with Saudi Arabia’s National Insurance Strategy, which aims to grow the international footprint of domestic reinsurers. Asia currently accounts for 22% of Saudi Re’s business portfolio, a share the company is looking to build on.
The GIFT City office marks Saudi Re’s second Asian presence. The reinsurer has operated a branch in Malaysia since 2014.
Jain joins from Swiss Re, where she spent more than a decade. She most recently served as vice-president and senior client underwriter, with a background spanning reinsurance underwriting, portfolio management, and client relationship management.
Before Swiss Re, Jain served as assistant vice-president at Howden Insurance Brokers India Pvt. Ltd. She also worked as a reinsurance broker at PINC Insurance, an accredited Lloyd’s of London broker based in Mumbai.
A Saudi Re spokesperson said Jain’s appointment supported the branch’s launch and the company’s broader Asia ambitions.
“Her appointment marks an important step in supporting the launch of our new branch in India and expand Saudi Re’s footprint across the Asian markets,” the spokesperson said.
Jain’s hire is part of a wider pattern at GIFT City. Mapfre Re named former Swiss Re executive Chaturbhuj Bansal as head of its India unit around the same time. It marked a second instance of a GIFT City reinsurer tapping a Swiss Re alumna to lead local operations.
GIFT City has emerged as a concentration point for global reinsurers. Around 14 global reinsurers now operate from the zone, managing annualized premiums of $700 million to $800 million.
India’s parliament passed legislation in December 2025 raising the foreign direct investment cap in insurance from 74% to 100%. The reform took effect in February 2026, lowering barriers for international players seeking a local foothold.
The growth case for India underpins the rush. India’s non-life insurance sector is projected to reach INR5.4 trillion ($62.2 billion) in gross written premium by 2030. GlobalData forecasts non-life premiums will grow at a CAGR of 10% between 2026 and 2030, among the faster rates of any major insurance market globally.
