23 January 2017Insurance

XL Catlin to open India reinsurance branch before April

XL Catlin is set to open an onshore reinsurance branch office in India having received the final approval from the Insurance Regulatory Development Authority of India (IRDAI).

Joseph Augustine has been appointed as the CEO of India branch, which will open for business in time for the April 1st renewal period.

XL's India operations will be based in Mumbai, and provide treaty and facultative reinsurance.

Mike McGavick, the chief executive of XL Catlin, said: “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. We are delighted to receive final approval of our license and feel we can make an important impact in this critical region.

“Additionally, we are pleased to appoint Joseph Augustine as CEO for our reinsurance branch; his experience and understanding of the Indian market places him well to lead our efforts to provide best quality products and services to clients and brokers in India.”

Greg Hendrick, XL Catlin’s president of property/casualty, added: “In addition to our strong client focus, we are also committed to playing our part as a global company to contribute to the development of the 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.”

XL Catlin has service operations in India since 2004, with offices in Gurgaon and Bengaluru.

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
6 February 2017   Global reinsurers are piling into India in search for growth, but this is likely to increase competition in an already soft market, according to experts speaking to Intelligent Insurer.
News
6 February 2017   Global reinsurers are piling into India in search for growth. A number of foreign reinsurers have recently received approval to open a branch in India. The list includes Swiss Re, Munich Re, Lloyd’s, Hannover Re and XL Catlin.
Insurance
9 February 2017   Re/insurer XL Catlin has opened a new office in Gurgaon, India, to house its shared services operations, which provide vital underwriting support, claims administration, actuarial services, finance and accounting for XL Catlin’s teams across the world.