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HDFC Life sets up subsidiary at Dubai International Financial Centre

The subsidiary will offer reinsurance capacity to ceding insurers, may also directly underwrite insurance contracts

BS Reporter  |  Mumbai 

HDFC Life sets up subsidiary at Dubai International Financial Centre

has set up a a wholly-owned subsidiary in the (DIFC) called the 'HDFC International Life and Re Company Limited' (HILRCL) with an initial capital outlay of $12.33 million.

In a statement to the stock exchanges, Housing Development Corporation (HDFC) said that this subsidiary was incorporated on January 10, 2016.

Further, HILRCL will operate in DIFC, and shall shortly commence its business operations, subject to completion of further regulatory formalities for obtaining the final license from the Dubai Financial Services Authority.

HILRCL would be in the business of offering reinsurance capacity to ceding insurers and may also foray into directly underwriting contracts, subject to receipt of necessary approvals. It would initially offer reinsurance capacity in the UAE and subsequently expand to other jurisdictions, using either of the aforesaid business models.

 

First Published: Mon, January 11 2016. 19:18 IST
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