SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 23 Jan, 2016  

XL Catlin Applies for Reinsurance License in India

NewsVoir | 21 Jan, 2016


XL Catlin today announced it has begun the licensing process to establish a reinsurance branch in India. The decision to pursue market entry into India aligns with XL Catlin’s strategy of establishing a presence in emerging and developing markets where economic activity is increasing and the re/insurance market would benefit from its global expertise.

 

The application has been filed with the Insurance Regulatory Development Authority of India and seeks to establish a reinsurance branch office of XL Insurance Company SE (XLICSE). Pending all necessary regulatory approvals, the Company expects to be able to commence operations in India later this year.

                    

India has seen significant economic development over recent years, leading it to overtake China in terms of GDP growth across 2015. Economic reforms and improved infrastructure have led to a growing middle class and increased private consumption, which in turn benefits the local economy and helps to raise living standards.

 

Commenting on the announcement, Greg Hendrick, XL Catlin’s Chief Executive of the Reinsurance segment said: “I am extremely pleased to have Brendan Plessis, our Head of Emerging Markets, leading our team effort to establish a business in India. The development we’re seeing there means that the market represents significant opportunities for XL Catlin. I believe we have what it takes to respond to the reinsurance needs of companies and brokers in this vast, growing economy.

 

We find that in India there is a huge desire to have seamless access to reinsurance capacity. The local market needs a reinsurer with global scale and technical capabilities, with underwriters based locally who understand the risks and can offer breadth of product.”

 

Mike McGavick, XL Catlin’s Chief Executive Officer said: “The re/insurance market in India is primed for development. This is the right time for us, and getting the right people on the ground, offering the right solutions will define our success.

 

Traditionally, the reinsurance market has been under-represented in the region, but we are now in a position to be in the first tier of global foreign reinsurers opening owned branches in India. Meeting the regulatory requirements is a key priority for us, as we move forward to demonstrate our commitment to this growing market.”

 

XL Catlin has had service operations in India since opening its first offices there in Gurgaon in 2004, delivering a range of business support services. In addition to a representative office in Mumbai, XL Catlin also has colleagues spread across offices in Gurgaon & Bengaluru.

                                                                         

About the XL Catlin Reinsurance Operations

The XL Catlin reinsurance companies are among the world’s leading reinsurers. They offer products that include aerospace, property, casualty, marine and specialty. The world’s top insurers choose XL Catlin to help move their businesses forward.

 

To learn more, visit xlcatlin.com.

 

About XL Catlin

XL Catlin is the global brand used by XL Group plc’s (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world.  Clients look to XL Catlin for answers to their most complex risks and to help move their world forward.

 

To learn more, visit xlcatlin.com.

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter