Insurer and reinsurer SCOR has received R3 approval from the Insurance Regulatory and Development Authority of India (IRDAI) to establish a Composite Branch office in the region, the company has announced.
SCOR is the latest global re/insurer to receive R3 authorisation, after the IRDAI granted approval to five other reinsurance companies earlier this month. The recent approval will enable SCOR to establish a Group branch in India to conduct Life and P&C reinsurance business.
Denis Kessler, Chairman & Chief Executive Officer (CEO) of SCOR, said; “Receiving the R3 authorization from the IRDAI to establish a SCOR branch in India marks a milestone for the Group in terms of solidifying its presence in the country, where it has enjoyed strong business relationships for many years. Our local team will be ready to provide business solutions to our Indian clients as of the 1 April 2017 renewals.”
The firm has been writing business with Indian clients since 1973, and opened a liaison office in the region in 2005. The opening of a Group branch in the country underlines the firm’s commitment to the Indian marketplace, which is expected to attract more insurers and reinsurers to its shores in 2017 and beyond.