Global reinsurers miffed at pro-GIC bias, seek level-playing field in India

Many are reluctant to invest financial and human capital in a scenario in which GIC Re enjoys the advantage of right of first refusal in reinsurance contracts

In less than a week after Union finance minister Nirmala Sitharaman announced in her Budget speech concessions for on-shoring of international transactions by foreign reinsurers in India, MS Amlin, a syndicate of Lloyd's India, announced its exit from the Indian reinsurance market.

MS Amlin, a service company of Lloyd's that entered India in June 2018, had only underwritten the business of Agriculture Insurance Company in the country.

While MS Amlin refused to comment on the exact reason for its exit in such a short span after setting up shop in India, most other foreign reinsurers that have set up offices