Lloyd’s, the specialist insurance and reinsurance market, announced plans to open a reinsurance branch in India, in time for the April major reinsurance renewals, following final regulatory approval from the Insurance Regulatory Development Authority of India (IRDAI).
This will enable Lloyd’s syndicates to offer specialist reinsurance in a variety of classes from a Lloyd’s India branch in Mumbai, said statement issued by Lloyd’s.
“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,” said Lloyd’s Chairman John Nelson.
“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,” he added.
“A strong and diverse reinsurance market will de-risk the economy and enable its entrepreneurs and businesses to take risks and thrive,” Nelson went on to say.
“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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