Buffet's Gen Re starts ops after Irdai's final licence
Mumbai: Gen Re, a member of the Berkshire Hathaway family of companies, has kicked off its operations in the country after receiving the final licence from Insurance Regulatory and Development Authority of India (IRDAI).
"Establishing a reinsurance branch is an important milestone for us. We firmly believe in the great potential of the Indian market, especially for life and health insurance products," Winfried Heinen, chairman of the executive board of directors of General Reinsurance AG, said.
The new branch structure will now allow Gen Re to deliver underwriting and risk management expertise locally rather than cross-border. It will facilitate an optimal business model, both efficient in process and highly beneficial to clients, he said.
Gen Re has already been committed to the country's market for the past 15 years through various channels and the focus has been primarily on the life and health sector.
According to Heinen, Gen Re will continue contributing and expanding in this segment while simultaneously exploring opportunities to grow its presence in the property/casualty reinsurance market.
On product development, Rainer Schurmann, managing director, property and casualty, Treaty Asia, said, "On the general insurance side, the products are developed and offered to the market by the primary companies and as a reinsurer we follow them and provide reinsurance for their products."
"On the life side, we are actively supporting the development of health products for our clients," he added.