Lloyd's to apply for reinsurance branch in Mumbai

Mumbai, Apr 1 () Lloyd's, a global specialist in insurance and reinsurance market, today said it will apply for a reinsurance branch in Mumbai following Irdai's publication of regulations governing the market earlier this week.
Lloyd's has a century-long relationship with the country as a provider of offshore reinsurance.
An onshore branch will provide Indian reinsurance brokers with local access to Lloyd's underwriting expertise and innovative reinsurance solutions for complex and specialist risks, including agriculture, infrastructure and disaster management.
"We believe Lloyd's presence will contribute to the development of a more diverse reinsurance market, which is fundamental to the stability and future growth of the Indian economy," Lloyd's Chairman John Nelson said in a statement.
"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, enabling us to submit an application for a reinsurance branch," he said.
Lloyd's had recently announced the appointment of Shankar Garigiparthy as new country manager, effective April 1.
Garigiparthy brings over 23 years of experience to the role, most recently leading regulatory relationships for Lloyd's in Singapore and across South East Asia.
Arun Agarwal, general representative for Lloyd's in the country since 2011, continues in his role supporting Shankar and providing his expert guidance and counsel to Lloyd's. KD ARS ABK