Lloyd's gets final approval from IRDAI to open branch in India
Posted on:20 Jan 2017 09:30:41
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20 January 2017 Current Affairs: Lloyd's, specialist insurance and reinsurance company, has got final regulatory approval from the Insurance Regulatory Development Authority of India (Irda) to set up branch in India.
Lloyd's will open a reinsurance branch in India, in time for the April major reinsurance renewals. This will enable Lloyd's syndicates to offer specialist reinsurance in a variety of classes from a Lloyd's India branch in Mumbai.
Lloyd's will bring expertise and specialist capacity to India's insurance market and work in partnership with local insurance businesses to develop innovative solutions that meet the unique needs of the growing economy.
A local presence in India will bring Lloyd's closer to clients and risks enhancing understanding and the ability to develop new solutions for the needs of the Indian market with a particular focus on agriculture, infrastructure and disaster management .
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