Markel gains Lloyd’s India reinsurance licence
Specialist insurer Markel International has been granted a licence by the Insurance Regulatory and Development Authority of India (IRDAI) to write reinsurance business in the country.
The capacity will be provided by Markel’s Syndicate 3000 at Lloyd’s and written through the Lloyd’s India platform.
Markel India will provide treaty and facultative reinsurance to local Indian insurers, in a broad range of commercial classes. It will initially focus on marine, energy, contingency, trade credit, and professional and financial risks.
Markel India will be led by Deepika Mathur, who has had some 20 years’ experience in the Indian insurance industry, most recently as executive vice president at HDFC Ergo, the Indian/German joint venture general insurance company, with responsibility for the casualty and financial lines business.
“We think there will be a strong level of demand from Indian insurers for the sort of specialty products and expertise that we can now deliver locally," said William Stovin, president of Markel International. "We are delighted that our plans in India can now start to be realised.”
Mathur commented: "The Indian economy has had a stellar performance since the turn of the century and that has seen a parallel increase in the demand for newer and more specialised insurance products. That means we can bring our expertise to the local market and help in areas where businesses may be without the right insurance to protect themselves. We can help meet that need.”
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