Dublin-headquartered XL Catlin has applied for a license to establish a reinsurance branch in India, as part of its strategy of establishing a presence in emerging and developing markets where economic activity is increasing and the re/insurance market would benefit from its global expertise.
It has been filed with the Insurance Regulatory Development Authority of India and seeks to establish a reinsurance branch office of XL Insurance Company SE (XLICSE).
The company expects to be able to commence operations in India later this year.
Greg Hendrick, XL Catlin’s Chief Executive of the Reinsurance segment said: “We find that in India there is a huge desire to have seamless access to reinsurance capacity. The local market needs a reinsurer with global scale and technical capabilities, with underwriters based locally who understand the risks and can offer breadth of product.”
Mike McGavick, XL Catlin’s Chief Executive Officer said: “The re/insurance market in India is primed for development. This is the right time for us, and getting the right people on the ground, offering the right solutions will define our success.
“Traditionally, the reinsurance market has been under-represented in the region, but we are now in a position to be in the first tier of global foreign reinsurers opening owned branches in India. Meeting the regulatory requirements is a key priority for us, as we move forward to demonstrate our commitment to this growing market.”
XL Catlin has had service operations in India since opening its first offices there in Gurgaon in 2004. In addition to a representative office in Mumbai, XL Catlin also has colleagues spread across offices in Gurgaon & Bengaluru. fii-news.com
