XL Catlin's reinsurance business group today said it has received final approval from the Insurance Regulatory Development Authority of India (IRDAI) to open an onshore reinsurance branch office of XL Insurance Company SE (XLICSE) in the country.
The operation, which will be based in Mumbai, and provide treaty and facultative reinsurance, will be led by Joseph Augustine as branch CEO. It is planned to be open for business in time for the important April 1 renewal period, a company statement said.
"The re/insurance market in India is evolving and developing at a staggering pace; there is huge opportunity for reinsurance companies who understand the local market and have a global track record in delivery. We are delighted to receive final approval of our license and feel we can make an important impact in this critical region," Mike McGavick, chief executive of XL Catlin said.
"Additionally, we are pleased to appoint Joseph Augustine as CEO for our reinsurance branch; his experience and understanding of the Indian market places him well to lead our efforts to provide best quality products and services to clients and brokers in India," he added.
Greg Hendrick, XL Catlin's President of Property and Casualty, said "In addition to our strong client focus, we are also committed to playing our part as a global company to contribute to the development of the reinsurance market in India."
"We intend to bring in our global expertise and provide regular training for our team in India as well as broader market workshops on key areas including underwriting, claims management, communications and sales," he added.
XL Catlin has had service operations in the country since 2004, when it opened its first offices in Gurgaon, later adding offices in Bengaluru. The shared services teams deliver a range of critical business support services on a global scale in areas such as underwriting, actuarial, claims, finance and marketing.
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