International General Insurance Holdings Ltd. (IGI) has secured a license to operate in India’s Gujarat International Finance Tec-City (GIFT City), the country’s first and only operational international financial services centre.
The expansion follows registration approval from the International Financial Services Centres Authority (IFSCA) to establish an IFSCA Insurance Office (IIO).
IGI’s India operation is a reinsurance branch of IGI’s UK subsidiary, International General Insurance Company (UK) Ltd.
By later this year, IGI plans to inaugurate its GIFT City branch, recruit a local India-based team, and commence operations.
This new facility will complement IGI’s existing principal hubs in Amman, London, and Bermuda, alongside its regional presence in Kuala Lumpur, Casablanca, Dubai, Malta, and Oslo.
IGI President & CEO Waleed Jabsheh commented: “This is a significant milestone for IGI as it expands our global footprint, strengthening our presence in the Indian sub-continent, and provides a long-term opportunity in one of the world’s fastest growing economies.
“This also furthers our diversification, and our strategy of having a physical presence in our key regions around the world. We look forward to building a strong local team and supporting both facultative and specialty treaty reinsurance clients in this fast-growing region.”
He added: “GIFT City IFSC offers an innovative, well-regulated platform that opens up new opportunities for IGI to develop globally-integrated facultative and specialty treaty reinsurance capabilities in close collaboration with a vibrant ecosystem of cedants and brokers.”
