Specialist re/insurer Markel International has received regulatory approval from the Insurance Regulatory and Development Authority of India to write reinsurance business in the country through the Lloyd’s India platform, with capacity provided by Markel’s Syndicate 3000 at Lloyd’s.
Markel India will provide local Indian insurers with both treaty and facultative insurance across a broad range of commercial classes, and will initially focus on marine, energy, contingency, trade credit, and professional and financial risks.
Markel originally announced its intentions to join the Lloyd’s India platform in April 2017, but has only now been granted a licence to write reinsurance business.
Additionally, Markel has appointed Deepika Mathur to lead Markel India, who has 20 years’ experience in the Indian re/insurance industry, having most recently served as Executive Vice President at HDFC Ergo, where he was responsible for the casualty and financial lines business.
Deepika commented: “The Indian economy has had a stellar performance since the turn of the century and that has seen a parallel increase in the demand for newer and more specialised insurance products.
“That means we can bring our expertise to the local market and help in areas where businesses may be without the right insurance to protect themselves. We can help meet that need.”
William Stovin, President of Markel International, added: “We think there will be a strong level of demand from Indian insurers for the sort of specialty products and expertise that we can now deliver locally. We are delighted that our plans in India can now start to be realised.”
