 "Berkley IFSC Branch first P&C insurer in GIFT City with dual licences")
Berkley Insurance’s GIFT city branch has become the first property & casualty (P&C) insurer to hold both insurance and reinsurance licences, Shasi Nair, CEO-Asia, Berkley Insurance Asia.
Berkley Insurance Company IFSC Branch, part of Berkley Insurance Asia announced the launch of its India operations last week.
The company plans to focus on reinsurance and commence operations across speciality lines by the end of the financial year 2026 (FY26).
For the current financial year (FY26), the company intends to concentrate on specialty insurance lines, including financial lines, cyber, casualty, professional indemnity, species insurance, and marine insurance.
“We are both an insurance and reinsurance company. We can operate as an insurance company and issue a policy if the underlying insured has a GIFT City address or is in a special economic zone (SEZ). But at the moment, we are focused on the reinsurance business-- specialty lines,” Nair said.
Berkley Insurance Asia is a specialty insurer that provides facultative reinsurance, and according to company officials, this model aligns well with the needs of the Indian market.
“We have a natural inclination towards specialty products -- financial lines (directors & officers, crime), cyber, casualty, professional indemnity, species insurance, and marine insurance. These will be the areas of product focus in the first few years of operations,” said Unnati Bajpai, CEO & Principal Officer-India, Berkley Insurance Company, IFSC Branch.
The company received approval from the International Financial Services Centres Authority (IFSCA) for its GIFT City branch in December 2024.
According to officials, India is one of the fastest-growing insurance markets globally, and being present within the country helps in better understanding of the business.
Additionally, with the licence to operate from GIFT City, the company moves from Tier IV to Tier II in the order of preference for reinsurance placements.