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Asian News - India: Lloyd's to make long-awaited application for reinsurance branch

Source: Asia Insurance Review | May 2016

Lloyd’s has announced its intention to apply for a reinsurance branch based in Mumbai. 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, said Lloyd’s in a statement.
 
   Mr John Nelson, Chairman of Lloyd’s said: “We believe a Lloyd’s presence will contribute to the development of a more diverse reinsurance market, which is fundamental to the stability and future growth of the Indian economy. Lloyd’s will also help to position India as a centre for insurance, reinsurance and associated services.”
 
   In March, IRDAI issued long-awaited regulations to enable Lloyd’s to set up business in India. The move comes about a year after the insurance law was amended to allow Lloyd’s to operate in the country.
 
   Mr Nelson said: “Whilst there are elements in the published regulations which may impact the ability of our market to perform to its full potential in India, we are nonetheless pleased that the regulatory framework has now been published, enabling us to submit an application for a reinsurance branch.
 
   Until the branch is opened, Lloyd’s supports the Indian market as a cross-border reinsurance provider. In 2015, Lloyd’s wrote US$179 million in premiums as a cross-border reinsurer.
 
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