XL Catlin on Thursday announced it has started the licensing process to establish a reinsurance branch in India.
An application has been filed with the Insurance Regulatory Development Authority of India (IRDAI) seeking to establish a reinsurance branch office of XL Insurance Company SE (XLICSE). The company said it expects to start operations in India later this year.
The decision to pursue market entry into India aligns with XL Catlin’s strategy of establishing a presence in emerging and developing markets, where economic activities are increasing. The re/insurance market would benefit from its global expertise, it said.
Greg Hendrick, XL Catlin’s chief executive of reinsurance, said: “I am extremely pleased to have Brendan Plessis, our head of emerging markets, leading our team effort to establish a business in India. The development we’re seeing there means that the market represents significant opportunities for XL Catlin.”
Hendrick said they have found in India 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 traditionally the reinsurance market has been under-represented in the region, but they are now in a position to be in the first-tier of global foreign reinsurers opening owned branches in India.
XL Catlin has had service operations in India since opening its first offices in Gurgaon in 2004, delivering a range of business support services. In addition to a representative office in Mumbai, XL Catlin also has colleagues spread across offices in Gurgaon & Bengaluru.
