Lloyd’s gets preliminary licence to operate in India

CHENNAI: The world's specialist insurance market Lloyd’s of London has got a preliminary licence from India's insurance regulator to set shop in India.
Lloyd’s said on Monday that it has secured R1 approval from the Insurance Regulatory and Development Authority of India (IRDAI) to provide onshore reinsurance services in India.
"This is a very significant day for Lloyd’s and we look forward to establishing a branch in Mumbai in 2017.I believe Lloyd’s can bring unique benefits to India by providing both protection and new opportunities for many domestic insurance businesses," said Lloyd’s chairman John Nelson.
“This is a symbolic decision and one that will not only provide protection for growing Indian businesses but also bring additional revenue to the UK insurance sector," said international trade secretary Liam Fox.