RSA Granted First Indian P/C License

Royal & SunAlliance (RSA) became the first foreign company to receive a license to write p/c insurance from India’s Insurance Regulatory and Development Authority (IRDA) with its partner Sundaram Finance Ltd., finalizing its return to the Indian market following the 1972 nationalization of foreign insurers.

Prior to 1972, as its president Bob Mendelsohn noted, RSA had done business in India for almost 150 years. “India occupies a priority position on Royal & SunAlliance’s Asia Pacific business map,” said Mendelsohn. “Working with Sundaram Finance and its associates, we have the opportunity to bring our extensive experience and products to its insurance market.”

In accordance with IRDA rules RSA will hold 26 percent of Royal Sundaram Alliance Insurance Company Ltd., and Sundaram the remainder. Its initial capitalization is $23 million.

Topics Property Casualty India