American reinsurer RGA gets final nod from IRDAI to open branch in India

The group, which has been in India for the past 15 years, plans to open a branch in Mumbai

The Insurance Regulatory and Development Authority of India (IRDAI) has granted a Certificate of Registration to the Reinsurance Group of America (RGA) to set up a branch in India. IRDAI has approved the R3 license to the re-insurer.

Thomas Mathew, MD & CEO, RGA, said the unit in India will be a Mumbai-based branch of the group's Canadian operations (RGA Life Reinsurance Company of Canada).

RGA, a specialist in Life & Health Reinsurance, has been operating in India since 2001 as a foreign reinsurer through its Irish entity, the company said in statement. The group has already brought in the required initial capital and is keen to commence its operations at the earliest as a Branch.

During the past 15 years, RGA in India developed strong business relationships and continues to service its clients providing treaty and facultative solutions. It is the global market leader in life reinsurance with a total revenue of $10.4 billion and assets of $50.4 billion in 2015.

RGA is globally strong in actuarial, underwriting and product development segments.