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Lloyd’s, global specialist insurance and reinsurance player, commenced operations in India Wednesday with MS Amlin as the first syndicate to join the branch and begin underwriting, effective from April 1.
Lloyd’s India will act as a domestic reinsurance branch of Lloyd’s, providing capacity and expertise to support India’s growing economy. It will particularly focus on infrastructure, agriculture and disaster management. Shankar Garigiparthy will lead Lloyd's India operations as Country Manager and Chief Executive Officer
John Nelson, Chairman of Lloyd’s said, “We have long hoped to be able to increase our support for the Indian market and now we are on the doorstep of our clients and trading partners in Mumbai and we look forward to working with them to develop the types of innovative risk solutions that Lloyd’s is world famous for.”
In a statement, Lloyd’s said that it is committed to building more resilient communities by offering innovative solutions and sharing intelligence and expertise with insurance markets and policymakers around the world.
MS Amlin is the first Lloyd’s insurer to join the reinsurance branch and their specialist underwriting team will offer a range of reinsurance products. Further, Lloyd’s insurers are expected to join in time.
Nelson added that Lloyd’s will help to strengthen and diversify the Indian reinsurance market, increasing the capacity, products and choice available to Indian insurers.
In addition, eight Lloyd’s syndicates recently committed capacity of USD 400 million towards solutions that tackle under-insurance and improve resilience against the economic impact of natural catastrophes in emerging and developing economies.
It is anticipated that the permission given to foreign reinsurers to set up an India branch will help to close this under-insurance gap and help create a reinsurance hub in the Indian market.
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