Gen Re, a member of the Berkshire Hathaway family of companies, has kicked off its operations in India after receiving the final licence from the IRDAI.
“Establishing a reinsurance branch is an important milestone for us. We firmly believe in the great potential of the Indian market, especially for life and health insurance products,” Dr Winfried Heinen, Chairman of the executive board of directors of General Reinsurance AG, told PTI.
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, he said.
Gen Re has already been committed to the country’s market for the past 15 years through various channels and the focus has been primarily on the life and health sector.
According to Dr Heinen, 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 Chief Executive and lead the branch, whereas the property/casualty business will be headed by Nighat Khan.
“The new structure will enable us to provide technical and risk management services locally. Beyond classic reinsurance of traditional lines of business, the development of innovative life and health insurance products with and for our clients is at the core of our value proposition,” Mr Chakravarty said. “We are now ideally positioned to meet the demands and challenges of the market,” he added.
Foreign reinsurers which are already operating in India are: Munich Re, Swiss Re, SCOR, Hannover Re, RGA Life Reinsurance Company of Canada, XL Catlin and Axa Re. In addition, Lloyd's operates a branch too in the country.