Insurer Lloyd’s to open India branch
The specialist insurance and reinsurance market said that syndicates will offer specialist reinsurance in a variety of classes from a Lloyd’s India branch in Mumbai.
The specialist insurance and reinsurance market said that syndicates will offer specialist reinsurance in a variety of classes from a Lloyd’s India branch in Mumbai.
Lloyd’s, the London-based specialist insurance and reinsurance market founded in 1688, plans to open a reinsurance branch in India, in time for the April major reinsurance renewals, following final regulatory (R3) approval from the Insurance Regulatory Development Authority of India (IRDAI). This will enable Lloyd’s syndicates to offer specialist reinsurance in a variety of classes from a Lloyd’s India branch in Mumbai.
“This is a watershed moment in Lloyd’s international strategy,” said its chairman, John Nelson. “We have now cemented our access to the world’s largest, fast-growth economies, those most in need of the specialist insurance to protect their expanding asset base.
He added that Lloyd’s will work in partnership with local insurance businesses to develop innovative solutions that meet the unique needs of the growing economy. “A local presence in India will bring Lloyd’s closer to clients and risks, enhancing understanding and the ability to develop new solutions for the needs of the Indian market with a particular focus on agriculture, infrastructure and disaster management.”
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