HDFC Standard Life Insurance Company, a subsidiary of HDFC Ltd, today said it has incorporated a wholly-owned reinsurance company at the Dubai International Financial Centre (DIFC).
The subsidiary -- HDFC International Life and Re Company Limited (HILRCL) -- has been set up with an initial capital of USD 12.33 million, according to a regulatory filing today.
"Further, HILRCL will operate at DIFC and shall shortly commence its business operations, subject to completion of further regulatory formalities for obtaining the final licence from the Dubai Financial Services Authority," it said.
HILRCL will be in the business of offering reinsurance capacity to insurers and may also foray directly into underwriting insurance contracts, subject to receipt of necessary approvals, it said.
It will initially offer reinsurance capacity in the UAE and subsequently expand to other jurisdictions.
