Gen Re gets approval for reinsurance branch in India; appoints CEO
Gen Re, a Berkshire Hathaway company, is the latest reinsurer to receive approval (R3 license) from the Insurance Regulation and Development Authority of India (IRDAI) to open a branch in Mumbai.
The new branch will be led by Venkatesh Chakravarty who will assume the role of CEO. Chakravarty has nearly three decades of re/insurance experience, having held senior positions with both an international and domestic focus. He will also hold operational responsibility for the life/health business, while the property/casualty business will be headed by Nighat Khan.
The new branch structure will allow Gen Re to deliver underwriting and risk management expertise locally. The company said that it will continue expanding in the life and health segment while simultaneously exploring opportunities to grow its presence in the property/casualty reinsurance market.
"We are delighted about the opening of the Indian market," Winfried Heinen, chairman of the executive board of directors of Gen Re, said. "Establishing a reinsurance branch is an important milestone for us. We firmly believe in the great potential of the Indian market, especially for life and health insurance products.
"With Venkatesh as our local head we have an extraordinarily professional and capable team in place to lead this important move. I am excited about the opportunities on the horizon."
Chakravarty added: "The new structure will enable us to provide technical and risk management services locally. Beyond classic reinsurance of traditional lines of business, the development of innovative life and health insurance products with and for our clients is at the core of our value proposition. We are now ideally positioned to meet the demands and challenges of the market."
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