XL Catlin on Thursday announced it has started the licensing process to establish a reinsurance branch in India.
An application has been filed with the Insurance Regulatory Development Authority of India (IRDAI) seeking to establish a reinsurance branch office of XL Insurance Company SE (XLICSE). The company said it expects to start operations in India later this year.
The decision to pursue market entry into India aligns with XL Catlin’s strategy of establishing a presence in emerging and developing markets, where economic activities are increasing. The re/insurance market would benefit from its global expertise, it said.
Greg Hendrick, XL Catlin’s chief executive of reinsurance, said: “I am extremely pleased to have Brendan Plessis, our head of emerging markets, leading our team effort to establish a business in India. The development we’re seeing there means that the market represents significant opportunities for XL Catlin.”
