In an interview to CNBC-TV18, Lloyd's Global Chairman, John Nelson said that they will focus on specialist areas in India like B2B and catastrophe risks.
Lloyd's plans to open a reinsurance branch in the country, in time for the April major reinsurance renewals, following final regulatory (R3 or final) approval from the Insurance Regulatory Development Authority of India (IRDAI), a company statement issued here today said.
An onshore branch will provide Indian reinsurance brokers with local access to Lloyd's underwriting expertise and innovative reinsurance solutions for complex and specialist risks, including agriculture, infrastructure and disaster management.
Welcoming the passage of Insurance Amendment Bill 2015, Nelson said, "We are pleased with the support we are receiving from Indian government and authorities for opening up the market." India is a very important market for Lloyd's, he said.