Lloyd's of London has signalled its intentions to enter the International Financial Services Centre (IFSC) GIFT City in India.
Lloyd’s announced its members in London in November this year about its proposed entry into the GIFT-IFSC, reported the Indian insurance web-portal Asia Insurance Post.
According to the report, Lloyd’s announcement for its members in London said, “Lloyd’s is seeking authorisation in the Gujarat Finance Tech City (Gift City) an international financial services centre located in Gujarat, India. Lloyd’s expects to be authorised and operational in GIFT City in 2026. Once authorised, Lloyd’s underwriters will be able to operate in GIFT City, establishing a service company or appointing a coverholder.’’
This will be Lloyd’s second entry into Indian reinsurance market as it is already present as one of the foreign reinsurance branches (FRBs) in the country. Currently, it has two syndicates, Markel and Volante, in its India operations.
Preparatory work
In November 2025, the International Financial Services Centres Authority (IFSCA) released a consultation paper to seek public feedback on the proposed amendments to the definition of Service Companies of Lloyd’s IFSC as provided in International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021 (IIO Regulations). The deadline for feedback was 29 November.
The Authority said that it had received representation from Lloyd’s London about expanding the definition of Service Companies of Lloyd’s IFSC as provided in the IIO Regulations. “Upon examination of the request, it is noted that as per the extant definition, only Managing Agents of Lloyd’s or Indian Company can establish Lloyd’s Service Company. Thus, expanding said definition, enabling the establishment of Service Company by Member of Lloyd’s Syndicate which may be a body corporate or Indian Person, is also to be considered,” said the IFSCA in a statement.
Proposed change
The proposed amendment to the IIO Regulations states that the definition of ‘Service Companies of Lloyd’s IFSC’ or ‘Service Companies’ shall be substituted with the following -
“‘Service Companies of Lloyd’s IFSC’ or ‘Service Companies’ means Service Companies registered in the IFSC and promoted by:
(a) Managing Agents of Lloyd’s;
(b) Such group entities of Managing Agents or Members of Lloyd’s as may be permitted by Lloyd’s; or
(c) Indian Companies which meet the specified criteria”.
Reinsurers
Also in November, Korean Re received the IFSCA’s approval to set up its operations in the GIFT-IFSC where eight international players had opened offices earlier in the current financial year. At least 10 more reinsurers across the globe are in advanced stages of applying for an IFSC licence, Mr K Rajaraman, IFSCA chairman, told a local newspaper.
There are three categories of major players in the Indian reinsurance market. These include two domestic reinsurers, including the sole state-owned GIC Re, 12 FRBs and over 280 cross-border reinsurers registered with the IRDAI.