XL Catlin secures final approval to set up onshore reinsurance branch in India
XL Catlin’s reinsurance business group has secured final approval from the Insurance Regulatory Development Authority of India (IRDAI) to open XL Insurance Company (XLICSE)’s onshore reinsurance branch office in India.
The operation, which will be based in Mumbai and provide treaty and facultative reinsurance, will be led by Joseph Augustine as branch CEO. It is planned to be open for business in time for the important April 1st renewal period.
XL Catlin chief executive Mike McGavick said: “The re/insurance market in India is evolving and developing at a staggering pace; there is huge opportunity for reinsurance companies who understand the local market and have a global track record in delivery. We are delighted to receive final approval of our license and feel we can make an important impact in this critical region.
“Additionally, we are pleased to appoint Joseph Augustine as CEO for our reinsurance branch; his experience and understanding of the Indian market places him well to lead our efforts to provide best quality products and services to clients and brokers in India.”
XL Catlin Property & Casualty president Greg Hendrick said: “In addition to our strong client focus, we are also committed to playing our part as a global company to contribute to the development of the reinsurance market in India.
“We intend to bring in our global expertise and provide regular training for our team in India as well as broader market workshops on key areas including underwriting, claims management, communications and sales.”
XL Catlin has had service operations in India since 2004, when it opened its first offices in Gurgaon, later adding offices in Bengaluru. The shared services teams deliver a range of critical business support services on a global scale in areas such as underwriting, actuarial, claims, finance and marketing.
Source: Company Press Release