ICICI Lombard gets approval to open IFSC unit in Gujarat's Gift city

Private non-life firm ICICI Lombard on Friday said it has received approval from international financial services centre (IFSC) to open an offshore insurance office in Gift City in Gandhinagar, making it the first private general insurer to do so.

The offshore unit will enable ICICI Lombard to harness new opportunities in direct insurance and reinsurance areas by offering offshore direct insurance solutions, especially to domestic corporates and individuals located overseas, thus expanding its international business, the company said.

"We are excited to set up an office in the IFSC, making us the first player in the private insurance sector to do so. This will enable us to expand our distribution reach and offer a range of risk management solutions to our customers based across the world," ICICI Lombard MD and CEO Bhargav Dasgupta said.

Tapan Ray, MD and Group CEO of Gift City, said the centre is fast emerging as a hub for the global financial services business.