Lloyd’s has a century-long relationship with India as a provider of offshore reinsurance. An onshore branch will provide Indian reinsurance brokers with local access to Lloyd’s unmatched underwriting expertise and innovative reinsurance solutions for complex and specialist risks, including agriculture, infrastructure and disaster management.
John Nelson, Chairman of Lloyd’s said:
“As an international insurance and reinsurance market, Lloyd’s can bring unique benefits to India. We believe a Lloyd’s presence will contribute to the development of a more diverse reinsurance market, which is fundamental to the stability and future growth of the Indian economy. Lloyd’s will also help to position India as a centre for insurance, reinsurance and associated services.
“Whilst there are elements in the published regulations which may impact the ability of our market to perform to its full potential in India, we are nonetheless pleased that the regulatory framework has now been published, enabling us to submit an application for a reinsurance branch.
“We look forward to continuing our close dialogue with IRDAI throughout this process and into the future to ensure the framework evolves to meet the needs of a modern, international insurance sector, which will be essential in supporting the continued sustainable growth of India’s economy.”
Vincent Vandendael, Lloyd’s Director of Global Markets added:
“We have a long history of supporting India and we look forward to this new phase in our relationship. Lloyd’s underwriters will work closely with brokers and clients to craft policies that meet specific needs and gaps in the market. We look forward to helping to create a world-class insurance and reinsurance market in India as we have done elsewhere in the world.”
Lloyd’s recently announced the appointment of Shankar Garigiparthy as its new Country Manager for India commencing 1 April 2016. Shankar Garigiparthy brings over 23 years’ experience to the role, most recently leading regulatory relationships for Lloyd’s in Singapore and across South East Asia. Arun Agarwal, General Representative for Lloyd’s in India since 2011, continues in his role supporting Shankar and providing his expert guidance and counsel to Lloyd’s.
For further information, please contact:
Michelle Cockrill (Singapore)
Tel: +65 6870 9225 Email: firstname.lastname@example.org
Alex Dziedzan (UK)
Tel: 0207 327 6125 Email: email@example.com
Lloyd’s relationship with India goes back more than a century and Lloyd’s currently supports the Indian market as a cross border reinsurance provider. In 2015 Lloyd’s wrote US$179 million in premium as a cross-border reinsurer.
Lloyd's is the world's specialist insurance and reinsurance market that offers a unique concentration of expertise and talent, backed by strong financial ratings and international licences. It is often the first to insure new, unusual or complex risks, providing innovative insurance solutions for local, cross border and global risks. Its strength lies in the diversity and expertise of the brokers and managing agents working at Lloyd’s, supported by capital from across the world. In 2016, more than 90 syndicates are underwriting insurance and reinsurance at Lloyd's, covering all lines of business from more than 200 countries and territories worldwide. Lloyd's is regulated by the Prudential Regulatory Authority and Financial Conduct Authority.