 "Lloyd's")
Lloyd's, the world's specialist insurance and reinsurance market, today announced its intention to apply for a reinsurance branch based in Mumbai following Insurance Regulation and Development Authority of India (IRDAI) publication of the regulations governing the Lloyd's market earlier this week.
Lloyd's has a century-long relationship with India as a provider of offshore reinsurance. An onshore branch will provide Indian reinsurance brokers with local access to Lloyd's underwriting expertise and innovative reinsurance solutions for complex and specialist risks, including agriculture, infrastructure and disaster management.
John Nelson, Chairman of Lloyd's said, "We believe a Lloyd's presence will contribute to the development of a more diverse reinsurance market, which is fundamental to the stability and future growth of the Indian economy. Lloyd's will also help to position India as a centre for insurance, reinsurance and associated services."
Nelson added that while there are elements in the published regulations which may impact the ability of our market to perform to its full potential in India, he said that they are nonetheless pleased that the regulatory framework has now been published, enabling us to submit an application for a reinsurance branch.
Lloyd's recently announced the appointment of Shankar Garigiparthy as its new Country Manager for India commencing 1 April 2016. Shankar Garigiparthy brings over 23 years' experience to the role, most recently leading regulatory relationships for Lloyd's in Singapore and across South East Asia.
Vincent Vandendael, Lloyd's Director of Global Markets added that Lloyd's underwriters will work closely with brokers and clients to craft policies that meet specific needs and gaps in the market.
