MS Amlin, a syndicate of Lloyd's India, has exited the Indian reinsurance market after a group-level global decision.
London-based specialist reinsurance market Lloyd’s operates in India through a branch that was set up in April 2017.
The IRDAI said in a statement that MS Amlin through Lloyd’s India had informed the IRDAI that, as a part of a group-wide review of MS Amlin operating structure and performance, MS Amlin had decided to discontinue business operations in India and requested the approval of the Authority on the matter. MS Amlin entered India in June 2018.
MS Amlin booked the business of Agriculture Insurance Company in the financial year ended March 2018. It has entered into a novation agreement for the transfer of the existing reinsurance treaties to MS Amlin Underwriting (Managing Agent for Syndicate 2001), at Lloyd's London.
A novation agreement means a contractual obligation wherein one party is replaced with another party. The rest of the deal remains the same.
MS Amlin through Lloyd's India has confirmed that they have not underwritten any business other than that of Agriculture Insurance Company.