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Ireland-based global reinsurance firm XL Catlin has announced plans to enter India and has already begun the licensing process to establish its branch, aiming to seamlessly tap into the country's growing market.
The company said the decision to pursue market entry into India aligns with its strategy of establishing a presence in emerging and developing markets where economic activity is increasing and the reinsurance market would benefit from its global expertise.
An application has been filed with Insurance Regulatory Development Authority of India seeking to establish a reinsurance branch office, the firm said in a statement.
The company expects to commence operations in India later this year.
India has seen significant economic development over the past years, leading it to overtake China in terms of GDP growth across 2015.
Economic reforms and improved infrastructure have led to a growing middle-class and increased private consumption, which in turn benefits the local economy and helps raise living standards.
"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," Greg Hendrick, XL Catlin's chief executive of the reinsurance segment, said.
Mike McGavick, the 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 2004, delivering a range of business support services. It also has colleagues spread across offices in Gurgaon & Bengaluru.
