Global reinsurers make a beeline; RGA ropes in ex-LIC head

The move comes as Dhananjaya Date, who was heading its operations here, retired recently

Even as the regulator IRDA is busy finalising norms to allow global reinsurers to enter the country, international firms are putting in place their top teams, with the US-based RGA taking lead by appointing former acting chairman of LIC, Thomas Mathew, as its India head.

Mathew joined RGA (Reinsurance Group of America) India as Managing Director and Chief Executive on March 30.

When contacted, he confirmed his appointment.

At present, Mathew is the non-executive chairman of the privately-promoted commodity bourse MCX-SX, and continues to hold the post.

According to industry sources, the second-largest global reinsurer Swiss Re is also in the process of appointing a CEO for its India operations.

The move comes as Dhananjaya Date, who was heading its operations here, when it only acted as a service company, retired recently.

The Zurich-based Swiss Re had shortlisted Joydeep Roy, who was former chief executive of L&T General Insurance and P Nandagopal, Managing Director and Chief Executive of IndiaFirst Life Insurance, for the post.

Though Swiss Re has a major exposure in the domestic general insurance business through its reinsurance operations, sources point out that the company is looking for a professional with sound expertise in life and health segments, to head its operations here.

So far, global reinsurers were operating through their service companies or representative offices, but are now gearing up to set up own their full-fledged operations in the country.

Accordingly, they are on a hiring spree after having received licences from Insurance Regulatory and Development Authority (IRDA), sources familiar with the development told PTI.

According to market sources, as many as 10-15 global reinsurers are likely to enter the country in near future, as per an IRDA estimate after the new insurance law allowed 49 per cent foreign ownership.

The IRDA has already issued draft norms for allowing branch operations of international reinsurers and is expected to issue the final norms by June.