IRDAI has approved the R3 application and granted Certificate of Registration to RGA (Reinsurance Group of America) today to setup a branch in India. It is anticipated that other global reinsurers including Swiss Re and Munich Re have also received the license to set up branch.
The Insurance Regulatory and Development Authority of India (IRDAI) today approved the R3 application and granted Certificate of Registration to Reinsurance Group of America (RGA) to set up a branch in India. Other global reinsurers including Swiss Re and Munich Re are also likely to have received licenses to set up their branch here.
RGA is a Fortune-500 company specialising in life and health reinsurance and has clients in over 60 countries. It is the global market leader in life reinsurance with total revenue of USD 10.4 billion and assets of USD 50.4 billion in 2015. It is globally strong in actuarial, underwriting and product development talents.
Since 2001, RGA is operating in India as a foreign reinsurer through its Irish entity and has 23 life insurance companies including LIC as its clients in India and 5 in Sri Lanka.
Thomas Mathew, MD & CEO said the company has long-term commitment to Indian insurance market and is keen to provide continued service to its clients.
The branch being set up here will be of the Canadian entity - RGA Life Reinsurance Company of Canada - and be based in Mumbai.
Mathew said RGA has already brought in the required initial capital and is keen to commence operations at the earliest.