MS Amlin has informed the Insurance Regulatory and Development Authority of India (IRDAI) that as part of a group-wide review of its operating structure and performance, it has decided to exit the Indian reinsurance market.
Commercial insurance and reinsurance specialist MS Amlin was the first company to have been welcomed to the Lloyd’s of London India branch office, which launched in April 2017.
The re/insurer notified the IRDAI through Lloyd’s India that it has decided to discontinue business operations in the country and has requested approval from the regulator on the matter.
The IRDAI notes that in the full-year 2017 – 2018, MS Amlin had booked business of Agriculture Insurance Co. Ltd. (AICL). According to the regulator, both MS Amlin and AICL have informed the IRDAI that they wish to enter into a novation agreement for the transfer of the existing reinsurance treaties to MS Amlin Underwriting Ltd. (MSAUL) at Lloyd’s of London.
MS Amlin has also informed the IRDAI that it has not underwritten any other business other than that of AICL.
In light of MS Amlin’s request to exit the Indian reinsurance marketplace, the re/insurer must close all of its bank accounts in India and submit supporting documents with the regulator.
