Lloyd's, the world's largest specialist insurance and reinsurance market that began its operations in the country today, said it will be going slow on India initially.
Lloyd's is among six global reinsurers which got the final nod by Irdai to open branch operations in the country late last year.
"We have been already doing annual offshore business from India worth USD 220 million. But having opened a syndicate here does not mean we will be looking at only a gradual growth here," Lloyd's chairman John Nelson told PTI.
Nelson, who will be stepping down next month, was in town to launch the first branch in the country which became effective since April 1.
"As the industry's penetration is as low as 0.7 per cent at present in the country as against 1.4 per cent in Asia-Pacific and over 6 per cent in the developed world, there is tremendous scope for growth here," he said.
Lloyd's specialises in areas like business to business risks, catastrophe, property, cyber and all types of casualty, marine, transport, energy and aviation risks. -------------------------------------------------------- Gulf Oil to merge with Quaker Chemicals
Houghton International, a subsidiary of the Hinduja Group's Gulf Oil International, today entered into an agreement to combine it with Quaker Chemical to create a global leader in the space of process fluids, chemical specialities, and technical expertise to the global primary metals industry.
The Hinduja conglomerate will be the largest shareholder in the combined public company. Gulf Oil owns 10 per cent equity in Houghton International, through its British subsidiary HGHL Holdings, will be entitled to around 2 per cent in the combined entity, the company said.
The two companies have a combined experience of 250 years in metal working and primary metals platforms around the world.
Zebronics ropes in Hrithik Roshan as brand ambassador
* Consumer electronics firm Zebronics today said it has roped in Bollywood actor Hrithik Roshan as its brand ambassador.
"Hrithik Roshan is undoubtedly the indisputable choice for our brand. He is a versatile actor with youthful enthusiasm and positive inspiration, that shall bring new vigour/dynamism to the brand to further expand our customer reach," Zebronics Director Rajesh Doshi said in a statement.
Apart from the launches and promotions, Roshan will also be involved actively with brand communication across platforms.
Zebronics plans to roll its brand campaign with the actor shortly this year.
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Solar power category grew 400% year on year on Amazon India * Amazon India has seen about 400 per cent jump in its solar power category with growth being driven by demand from tier II and III cities.
The e-commerce platform has also seen significant growth in garden products category that includes seeds, live plants, garden tools, pots and planters.
"Tier II and Tier III cities are most inclined towards environmentally friendly practices and lead in demand for both - solar power and garden products," Amazon.In said in a report.
Among tier II and III cities, Barnala (Punjab) led the demand followed by Mysore, Nagercoil, Thane and Tirupur.
Increased awareness and consciousness about the urgent need to reduce our carbon footprint is quickly becoming an important factor driving this demand surge, the report said.
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GlobalLogic appoints Jonathan Rothenberg to head M&A * Tech firm GlobalLogic today said it has named Jonathan Rothenberg as Senior Vice President of Corporate Development and Mergers and Acquisitions for the company.
This newly created position is an essential component of GlobalLogic's strategy to expand the company's offerings and global footprint through organic growth, new partnerships, and key acquisitions, it said in a statement.
Working across all business lines, Rothenberg will take on the critical role of identifying, evaluating, and executing on strategic business opportunities, it added.
He will report directly to GlobalLogic CEO Shashank Samant.
