HDFC Life has set up a a wholly-owned subsidiary in the Dubai International Financial Centre (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 Finance 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 insurance 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.