15 May 2017News

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."

Today’s stories

‘WannaCry’ ransomware cyber-attack exposes protection gap

Generali appoints former AXA P&C chief Granier as new CEO of France

LV= confirms receiving offers for general insurance operations

Cigna and Anthem battle over $15bn damages in failed merger deal

International retail and Hannover Re drive Talanx Q1 growth

LMA and ABI call for 'fair' framework for discount rate

Former DARAG CEO Gossmann reappears as SOVAG restructures

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

7 March 2017   The establishment of a Lloyd’s branch in India is being followed by intense activity among syndicates keen to increase their exposure to the country, according to law firm Clyde & Co.
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.
23 May 2017   Gen Re, a Berkshire Hathaway Company, has appointed William Casill to join its North American life and health business as senior vice president and chief actuary.