Wholesale reinsurance provider Swiss Re on Monday said it has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to open a branch in the city.
With the composite branch licence, Swiss Re will be able to operate in India and offer both non-life and life and health reinsurance solutions directly to clients and brokers in the country, the company said in a release here.
"This is a significant milestone for us. As a reinsurer, we have served Indian insurers for over 87 years. Our new India branch, together with Swiss Re Global Business Solutions centred in Bengaluru, represents our commitment and investment in India's long-term future, and our ambition to be part of this dynamic high growth market," said Swiss Re Chief Executive Officer Reinsurance, Asia, Jayne Plunkett.
As the Indian insurance sector is poised for strong growth with an average annual growth rate of 8 per cent from 2017 to 2025, Swiss Re is among the first five foreign companies to obtain a licence to sell reinsurance in India.
Swiss Re's newly licensed entity, Swiss Reinsurance Company, India Branch, will begin its operation from February 1.
"We will continue to be actively involved in supporting the development of the Indian insurance market and making India's society more resilient. Our clients and partners will benefit from a combination of innovative, customised risk transfer and capital management solutions, as well as our knowledge transfer and risk services support and delivery," Jayne added. Kalpana Sampat, currently Managing Director of Swiss Re Services India, will head the Swiss Re India branch as its Chief Executive Officer (CEO).
XL Catlin gets IRDA okay to open onshore branch office
XL Catlin's reinsurance business group on Monday said it has received final approval from the Insurance Regulatory Development Authority of India (IRDAI) to open an onshore reinsurance branch office of XL Insurance Company SE (XLICSE) in the country.
The operation, which will be based in Mumbai, and provide treaty and facultative reinsurance, will be led by Joseph Augustine as branch CEO. It is planned to be open for business in time for the important April 1 renewal period, a company statement said.