Specialist insurer Markel International has been granted a licence by the IRDAI to write reinsurance business in India. Capacity will be provided by Markel's Syndicate 3000 at Lloyd's and written through the Lloyd's India platform.
Markel India will provide treaty and facultative reinsurance to local Indian insurers, in a broad range of commercial classes. It will initially focus on marine, energy, contingency, and professional and financial risks, the insurer says in a statement.
Ms Deepika Mathur, who has some 20 years’ experience in the Indian insurance industry and who leads Markel India, said, “The Indian economy has had a stellar performance since the turn of the century and that has seen a parallel increase in the demand for newer and more specialised insurance products. That means we can bring our expertise to the local market and help in areas where businesses may be without the right insurance to protect themselves. We can help meet that need.”
Mr William Stovin, president of Markel International, said, “We think there will be a strong level of demand from Indian insurers for the sort of specialty products and expertise that we can now deliver locally. We are delighted that our plans in India can now start to be realised.”
Markel International Limited is a subsidiary of Markel Corporation, a US-based holding company trading on the New York Stock Exchange. Markel International writes insurance and reinsurance business through four divisions and through offices across the UK, Europe, Canada, Latin America and Asia Pacific. Markel International’s insuring entities include Syndicate 3000, Markel Resseguradora do Brasil and Markel International Insurance.