 "New India Assurance opens India's first international insurance office in Gujarat")
New India Assurance has become the first insurance company to begin operations at India's first international financial services centre in Gujarat.
Several banks have already begun operations from their respective business units at the Gujarat International Finance Tec-City (GIFT City). These include the SBI, ICICI, IDBI, Kotak Mahindra Bank, YES Bank, Federal Bank and IndusInd Bank.
New India Assurance's insurance office, however, will be the first insurance player at this global financial hub.
New India Assurance's insurance office, however, will be the first insurance player at this global financial hub.
The international financial service centre (IFSC) at GIFT City has also achieved a major milestone with the total business transactions of operational units crossing a landmark of $1 billion.
The government-owned assurance company's IFSC insurance office (IIO) was inaugurated by the Union Minister of State for Finance & Corporate Affairs, Arjun Ram Meghwal, in the presence of the state's deputy Chief Minister Nitinbhai Patel.
Speaking on the occasion, G. Srinivasan, the Chief Managing Director of New India Assurance, said that with the opening of the IIO, the company will be able to provide global insurance services and facilities to their Indian and international customers from GIFT IFSC.
Adding further, he said that the company will also offer reinsurance business to Indian companies operating from off-shore locations.
Adding further, he said that the company will also offer reinsurance business to Indian companies operating from off-shore locations.