XL Catlin applies for reinsurance licence in India

Global reinsurer XL Catlin today said it has applied for a licence to establish a reinsurance branch office in the country.
The company offers products in segments like aerospace, property, casualty, marine and speciality.
The application has been filed with sectoral regulator Irdai and seeks to establish a reinsurance branch office of XL Insurance Company SE (XLICSE).
Pending all necessary regulatory approvals, it expects to commence operations in India later this year, a company statement said.
"I am extremely pleased to have Brendan Plessis, our head of emerging markets, leading our team effort to establish a business in India," XL Catlin's Chief Executive, Reinsurance Segment, Greg Hendrick said.

"The development we're seeing there means that the market represents significant opportunities for XL Catlin. I believe we have what it takes to respond to the reinsurance needs of companies and brokers in this vast, growing economy.

"We find that in India there is a huge desire to have seamless access to reinsurance capacity. The local market needs a reinsurer with global scale and technical capabilities, with underwriters based locally, who understand the risks and can offer breadth of product," he added.
The company has been present in the country since 2004, when it opened its first office in Gurgaon, delivering a range of business support services. In addition to a representative office in Mumbai, XL Catlin also has professionals spread across offices in Gurgaon and Bengaluru.

"Traditionally, the reinsurance market has been under-represented in the region, but we are now in a position to be in the first-tier of global foreign reinsurers opening owned branches in India.
"Meeting the regulatory requirements is a key priority for us as we move forward to demonstrate our commitment to this growing market," XL Catlin's Chief Executive Mike McGavick said.