Gen Re, which is owned by Warren Buffett’s Berkshire Hathaway, has received final approval from the Insurance Regulation and Development Authority of India (IRDAI) to open a Mumbai branch.
The new branch will allow the firm to deliver reinsurance solutions from a local base, enabling a more efficient operation within the Indian re/insurance market.
Venkatesh N. Chakravarty, who brings almost 30 years of re/insurance experience, will lead the new branch as Chief Executive Officer (CEO), he will also assume responsibility for Life & Health business operations.
The Property/Casualty business will be led by Nighat Khan.
Winfried Heinen, Chairman of the Executive Board of Directors of General Reinsurance AG, said; “We are delighted about the opening of the Indian market.
“Establishing a reinsurance branch is an important milestone for us. We firmly believe in the great potential of the Indian market, especially for life and health insurance products.
“With Venkatesh as our local head we have an extraordinarily professional and capable team in place to lead this important move. I am excited about the opportunities on the horizon.”
Gen Re has been operating within the Indian market for the past 15 years, most recently working through a local support services company in Mumbai.
The reinsurer’s primary focus so far has been on the Life and Health sector, and Gen Re says it plans to continue to grow this segment while venturing further into the Indian property/casualty reinsurance market.
Venkatesh Chakravarty commented that “the new structure will enable us to provide technical and risk management services locally. Beyond classic reinsurance of traditional lines of business, the development of innovative life and health insurance products with and for our clients is at the core of our value proposition. We are now ideally positioned to meet the demands and challenges of the market.”