Markel has gained approval from the Indian regulator to write reinsurance business in the country through the Lloyd’s India platform.
The licence from the Insurance Regulatory and Development Authority of India comes nearly a year after the carrier announced its intention to enter the Indian market.
Capacity will be provided by Markel’s Syndicate 3000 at Lloyd’s.
Markel India will provide treaty and facultative reinsurance to local primary carriers across several commercial classes. It will initially focus on marine, energy, contingency, and professional and financial risks.
As previously announced, the operation will be headed up by Deepika Mathur, who was most recently executive vice president at Indian-German joint venture HDFC Ergo where she oversaw casualty and financial lines business.
Markel International president William Stovin commented: “We think there will be a strong level of demand from Indian insurers for the sort of specialty products and expertise that we can now deliver locally.
“We are delighted that our plans in India can now start to be realised.”
Mathur added: “The Indian economy has had a stellar performance since the turn of the century and that has seen a parallel increase in the demand for newer and more specialised insurance products.
“That means we can bring our expertise to the local market and help in areas where businesses may be without the right insurance to protect themselves. We can help meet that need.”