Gen Re has received approval from the IRDAI to open a branch in Mumbai, having been granted the final (R3) licence.
The new branch structure will now allow Gen Re to deliver underwriting and risk management expertise locally rather than cross-border. It will facilitate an optimal business model, both efficient in process and highly beneficial to clients, the reinsurer said in a statement yesterday. It adds that the Indian insurance market is a huge business opportunity waiting to be harnessed.
Gen Re has already been committed to the Indian market for the past 15 years through various channels, most recently through a local support services company in Mumbai. The focus has been primarily on the life and health sector. Gen Re will continue contributing and expanding in this segment while simultaneously exploring opportunities to grow its presence in the property/casualty reinsurance market.
Mr Venkatesh N. Chakravarty will assume the role of CEO and lead the branch. Bringing almost three decades of re/insurance experience to the role, he has held senior positions with both an international and domestic focus. He will also hold operational responsibility for the life/health business. The property/casualty business will be headed by Nighat Khan.
Gen Re joins several of its rivals in setting up a branch in India. The other global reinsurers include Reinsurance Group of America (RGA), Munich Re, Hannover RE, Swiss Re, XL Catlin and Scor. In addition, Lloyd's opened its Indian branch last month.
Gen Re, which delivers reinsurance solutions to the life/health and property/casualty insurance industries, is a member of the Berkshire Hathaway family of companies.