Lloyd's to open India reinsurance branch before April
Lloyd's of London has received the final regulatory R3 approval from the Insurance Regulatory Development Authority of India (IRDAI) to open a reinsurance branch in India.
It will open a Lloyd’s India branch in Mumbai in time for the April reinsurance renewals.
John Nelson, Lloyd’s chairman, said: “This is a watershed moment in Lloyd’s international strategy. We have now cemented our access to the world’s largest, fast-growth economies, those most in need of the specialist insurance to protect their expanding asset base.
“Lloyd’s will bring expertise and specialist capacity to India’s insurance market and work in partnership with local insurance businesses to develop innovative solutions that meet the unique needs of the growing economy.
“Lloyd’s will help to share and develop expertise across the industry to position India as an international centre for insurance and reinsurance. A strong and diverse reinsurance market will de-risk the economy and enable its entrepreneurs and businesses to take risks and thrive.
“A local presence in India will bring Lloyd’s closer to clients and risks enhancing understanding and the ability to develop new solutions for the needs of the Indian market with a particular focus on agriculture, infrastructure and disaster management.”
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