XL Catlin’s reinsurance business announced today that the Insurance Regulatory Development Authority of India (IRDAI) has given the reinsurer final permission to open a branch in India.
The new branch will offer treaty and facultative reinsurance and is set to open in Mumbai in time for the April 1st renewal period.
Mike McGavick, Chief Executive Officer (CEO) of XL Catlin said; “The re/insurance market in India is evolving and developing at a staggering pace; there is huge opportunity for reinsurance companies who understand the local market and have a global track record in delivery.
“We are delighted to receive final approval of our license and feel we can make an important impact in this critical region.”
McGavick welcomed Joseph Augustine as CEO of the new XL entity; “We are pleased to appoint Joseph Augustine as CEO for our reinsurance branch; his experience and understanding of the Indian market places him well to lead our efforts to provide best quality products and services to clients and brokers in India.”
Since 2004 XL Catlin has had service operations in India which offer a range of business support services in areas such as underwriting, actuarial, claims, finance and marketing.
Greg Hendrick, XL Catlin’s President of Property & Casualty, added; “In addition to our strong client focus, we are also committed to playing our part as a global company to contribute to the development of the reinsurance market in India.
“We intend to bring in our global expertise and provide regular training for our team in India as well as broader market workshops on key areas including underwriting, claims management, communications and sales.”