The specialist Lloyd’s insurance and reinsurance marketplace has reportedly applied to set up operations at Gujarat International Finance Tec-City (GIFT City), India’s first operational greenfield smart city, according to The Hindu Business Line.
Officials from the International Financial Services Centres Authority (IFSCA) of India told the publication that Lloyd’s has applied for the establishment of a statutory insurance and reinsurance corporation, with the proposal currently “under process.”
This licence would authorises Lloyd’s to undertake insurance and reinsurance business under the IFSCA Registration of Insurance Business Regulations, 2021, with funds to be remitted from Lloyd’s head office in London.
This new development has the potential to boost the country’s vision for GIFT City, creating a larger access to global underwriting capital, expanding risk-management capabilities, as India looks to position itself as a top global reinsurance hub.
The Hindu Business Line report states that Lloyd’s declined to comment on the development.
According to public disclosures, as of December 2025, the number of IFSC Insurance Offices (IIOs) increased to 24 from 19, while Insurance Intermediary Offices (IIIOs) reached 31, up from 25 a year earlier, highlighting continued growth at GIFT City.
Earlier this week, Zurich-based reinsurer Echo Re received approval to establish a reinsurance branch office in GIFT City, strengthening its operational capacity in one of its key markets.
Other prominent re/insurers such as PartnerRe and Santam were granted a licence to set up a reinsurance branch, and also established branches in the City in February.
In January 2026, Saudi Re obtained approval to open a branch in GIFT City, while Korean Re announced plans to commence operations for its Indian branch in April 2026.
