According to industry reports, reinsurer XL Catlin is eager to expand its India operations but will not grow for the sake of having a large balance-sheet, as it eyes profitable and sustainable growth in the region.
An article on Business Standard citing a discussion between Charles Cooper, Chief Executive Officer (CEO) of XL Catlin’s reinsurance business group and PTI, notes that a year after launching its Indian operation the re/insurer is keen to grow, and open to taking the inorganic route.
“We want to be part of and support the growth of Indian market. We are a long-term player and so we recognise the part we need to play in making sure the market is sustainable by making sure that we get a fair price for the risks we take onto our balance sheet,” Cooper told PTI.
A number of global reinsurers entered the Indian marketplace in 2017 after the country’s regulator removed sanctions that enabled companies to establish a local branch to conduct reinsurance business.
After receiving regulatory approval from the Insurance Regulatory Development Authority of India (IRDAI) in late January, 2017, XL Catlin cemented its commitment to the Indian market, having had service operations in India since 2004.
Commenting on the firm’s Indian operations, Cooper said; “We are committed to growing our participation in this market. A fast growing economy means companies will have increased need for risk transfers and local insurers need more reinsurance support.”
