Singapore headquartered non-life insurer, MS First Capital Insurance Limited, commenced reinsurance operations from its new office in India’s Gujarat International Finance Tec-City (GIFT City) on July 29th, 2026.
Founded more than 75 years ago as The Public Insurance Company Limited, the insurer has evolved over the years via strategic acquisitions and rebranding, and became MS First Capital in 2017 when integrated into Mitsui Sumitomo Insurance Company Limited, part of MS&AD Insurance Group.
The carrier is the latest in a growing list of insurers and reinsurers to establish an office at GIFT City, India’s International Financial Services Centre.
“We’ve been working with cedants, brokers and reinsurers in India for many years. Establishing our branch in GIFT City reflects our long-term commitment to India and our confidence in the opportunities ahead. We look forward to strengthening partnerships in India and participating in the development the Indian insurance market,” said the firm’s Chief Executive Officer, Vikas Shukla.
The CEO also confirmed the appointment of Mr. R. Vaidyanathan as the Principal Officer, and Mr. S Venugopalan as CFO of the Gift City operations. Both bring decades of experience in the Indian re/insurance market to their new roles.
MS First Capital aims to enhance its ability to serve Indian cedants, brokers, and partners as the country’s re/insurance market continues to expand and grow in sophistication. The move also supports MS&AD’s global business strategy of participating in growth opportunities across the Asia region.
Other recent re/insurance startup ventures in India include EarthRe, IGI, Kuwait Re, Echo Re, PartnerRe, Saudi Re, Korean Re, and more.
Insurance and reinsurance volumes have expanded rapidly at GIFT City, totalling $1.2 billion in 2025 compared with $102 million in 2020, driven mostly by non-life insurance and reinsurance segments.
