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Swiss Re and XL Catlin to launch India branch offices

  • Publish Date: Posted over 7 years ago

Swiss Re and XL Catlin have announced they have been granted regulatory approval to open branches in India, following the government’s move last year to open its market to foreign insurers and reinsurers. XL Catlin’s approval means it will open an onshore reinsurance branch of its XL Insurance Company in Mumbai. The branch will provide treaty and facultative reinsurance and it will be open for business in time for the 1 April renewal period. Joseph Augustine will serve as branch CEO. XL Catlin CEO Mike McGavick said of the Indian market that it was “evolving and developing at a staggering pace, a trend that represents huge opportunity for reinsurance companies who understand the local market and have a global track record in delivery.” XL has had service operations in India since 2004, when it opened its first offices in Gurgaon, later adding offices in Bengaluru. Swiss Re also gained approval for a branch in Mumbai. With a composite branch license in hand, the reinsurer plans to offer non-life and life and health reinsurance products to clients and brokers in India. Jayne Plunkett, Swiss Re’s chief executive officer reinsurance Asia, said that the new operation serves as the reinsurer’s “commitment and investment in India’s long term future.” Kalpana Sampat, managing director of Swiss Re Services India Private Ltd., will lead the new Swiss Re India branch as its CEO.