U.S. domiciled life reinsurer, Reinsurance Group of America (RGA), has announced that it today commenced operations from its Mumbai, Indian branch, after receiving regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI), reports the Times of India.
The IRDAI has given approval to a number of foreign reinsurers over the past few months to operate in the country, and RGA India, which is affiliated to RGA Life Reinsurance’s Canada division, began its Indian operations from today.
RGA’s Chief Executive Officer (CEO), Thomas Mathew said; “RGA has long term commitment to Indian insurance market and is keen to provide continued service to its clients,” according to an article on the Times of India website.
“With the branch licence and commencement of the branch operations, RGA will be able to give better, faster and efficient services to its clients,” continued Mathew.
The reinsurance company reiterated its view that India holds massive potential for growth, and the life reinsurer is eager to expand its presence in the region.
The firm has been operating in India since 2001 via its Irish subsidiary, explains the report, and during the last 15 years has worked to develop strong relationships in the country, providing both treaty and facultative reinsurance solutions.
“RGA believes the Indian insurance market has tremendous potential to grow and that RGA will be able to support this growth through innovative products in Life & Health insurance solutions,” concluded Mathew.