Gen Re has received approval from the Insurance Regulation and Development Authority of India (IRDAI) to open a branch in Mumbai ( known as R3 authorization).
The branch structure will now allow Gen Re to deliver underwriting and risk management expertise locally rather than cross-border, said Gen Re, noting that the Indian insurance market is “a huge business opportunity waiting to be harnessed.”
Gen Re said it has already been committed to the Indian market for the past 15 years through various channels, most recently through a local support services company in Mumbai. The focus was primarily on the life and health sector. Gen Re will continue contributing and expanding in this segment while simultaneously exploring opportunities to grow its presence in the property and casualty reinsurance market.
Venkatesh N. Chakravarty will assume the role of chief executive officer and lead the branch, said Gen Re. Bringing almost three decades of re/insurance experience to the role, he has held senior positions in both the domestic and international arenas. Chakravarty will also hold operational responsibility for the life & health business. The P/C business will be headed by Nighat Khan.
“We are delighted about the opening of the Indian market. Establishing a reinsurance branch is an important milestone for us,” said Winfried Heinen, chair of the executive board of directors of General Reinsurance AG.
“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,” added Heinen.
“The new structure will enable us to provide technical and risk management services locally,” said Chakravarty. “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.”
Source: Gen Re
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