Tuesday, May 22, 2018

Irdai approves Gen Re R3 licence in India

Gen Re has received approval from India’s insurance regulator to open a branch in Mumbai.

The R3 licence, issued by the Insurance Regulation and Development Authority of India (IRDAI), allows Gen Re to deliver underwriting and risk management expertise locally rather than cross-border.

With the licence, Venkatesh Chakravarty will assume the role of chief executive and lead the branch.

Gen Re’s property/casualty business will be headed by Nighat Khan.

The firm has already been committed to the Indian market for the past 15 years through various channels, most recently through a local support services company in Mumbai.

Winfried Heinen, chairman of the executive board of directors of General Reinsurance, said establishing a reinsurance branch is an important milestone for the company, which firmly believes in the great potential of the Indian market.



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