Markel International has been granted a licence by the Insurance Regulatory and Development Authority of India (IRDAI) to write reinsurance business in the country.
Capacity will be provided by Markel’s Syndicate 3000 at Lloyd’s and written through the Lloyd’s India platform.
Markel India will provide treaty and facultative reinsurance to local Indian insurers, in a broad range of commercial classes starting with marine, energy, contingency, and professional and financial risks.
Deepika Mathur will spearhead Markel India. Mathur has 20 years’ experience in the Indian insurance industry, most recently as executive vice president at HDFC Ergo, the Indian/German joint venture general insurance company, with responsibility for the casualty and financial lines business.
Mathur commented: “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.”
William Stovin, president of Markel International, said: “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.”