India News

India Coal-Fired Power Plant Explosion Kills 32 After 7 Months of Operation

An explosion at a newly commissioned unit of a coal-fired power plant in northern India killed 32 people, while about 80 are still recovering from injuries in one of the nation’s worst industrial disasters in recent years. Flue gases and …

India Government Raises $1.5B Selling Shares in Reinsurer GIC Re

The Indian government raised about 98 billion rupees ($1.5 billion) on Friday by selling some of its shares in General Insurance Corp of India (GIC Re), the nation’s top reinsurer, in the country’s biggest listing in seven years. [Editor’s note: …

India’s Financial Hub Paralyzed by Torrential Monsoon Rains; Death Toll Rises

Two toddlers were among 14 people killed in Mumbai after floods caused by heavy monsoon rains destroyed homes and disrupted traffic in India’s financial capital, police said, but lighter-than-feared rain on Wednesday helped relief efforts. More than 1,200 people have …

Fairfax Plans to Sell 12.2% Stake in India’s ICICI Lombard

Canada’s Fairfax Financial Holdings plans to sell a 12.2 percent stake in its Indian joint venture insurer ICICI Lombard in a deal that will value the company at 203 billion rupees ($3.15 billion), the Indian company said on Saturday. Red …

Gen Re Receives License to Open Reinsurance Branch in India

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 …

Aon Buys International Benefits Brokerage Portfolio of Mayfair Group

Aon plc announced it has completed its acquisition of the international health and benefits brokerage portfolio of Mayfair Group, a solutions provider to Indian multinational companies. Terms of the transaction were not disclosed. Aon now will assume responsibility for all …

Lloyd’s Begins Operating in India with MS Amlin as 1st Underwriter

Lloyd’s, the specialist insurance and reinsurance market, announced it has begun to operate in India with MS Amlin as the first Lloyd’s business to join the branch and begin underwriting. Lloyd’s India will act as a domestic reinsurance branch of …

XL Catlin Opens Shared Services Office in Gurgaon, India

XL Catlin has opened a shared services office, covering three floors at DLF World Tech Park in Gurgaon, India. The new office will provide “vital underwriting support, claims administration, actuarial services, finance and accounting for XL Catlin’s teams across the …

Swiss Re to Open a Reinsurance Branch in India

Swiss Re has received the approval from the Insurance Regulatory and Development Authority of India (IRDAI) to open a branch in Mumbai. With the composite branch license, Swiss Re will be able to operate in India and offer both non-life …

XL Catlin Gets Approval to Open Reinsurance Branch in India

XL Catlin’s reinsurance business group that it has received final approval from the Insurance Regulatory Development Authority of India to open an onshore reinsurance branch office of XL Insurance Company SE. The operation, which will be based in Mumbai and …