Lloyd's plans to open reinsurance office in Mumbai

CHENNAI: Lloyd’s, the UK-based specialist insurance and reinsurance market, on Friday said it would apply to the Indian regulator for opening a reinsurance branch in Mumbai.
Llyod’s said an onshore branch would help Indian reinsurance brokers access Lloyd’s global reinsurance solutions for complex and specialist risks, including agriculture, infrastructure and disaster management.
On Monday, the Insurance Regulatory and Development Authority of India (IRDA) said Lloyd's R1 application for conducting reinsurance business in India was complete. After IRDA grants final approvals (R2 &R3), Lloyd's would be able to underwrite business in India.
Currently, Lloyd’s can only underwrite reinsurance originating from India on a cross-border basis.
While hailing the regulator's decision to open up the Indian market, the global reinsurer, however, still felt that there was a lot more the IRDA could do.
“Whilst there are elements in the published regulations which may impact the ability of our market to perform to its full potential in India, we are nonetheless pleased that the regulatory framework has now been published," John Nelson, chairman of Lloyd’s, said.
Meanwhile, Shankar Garigiparthy on Friday took over as Lloyd's India operations, as its new country manager.