XL Catlin’s reinsurance business has received final approval from the Insurance Regulatory Department Authority of India to open an onshore reinsurance branch office in the country.
The XL Insurance Company, which will be based in Mumbai, will provide treaty and facultative reinsurance.
Joseph Augustine will lead the new office, set to open on 1 April.
XL Catlin has had operations in India since 2004, when it opened its first offices in Gurgaon.
Mike McGavick, CEO of XL Catlin, commented: “The reinsurance and 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.”
The company also recently appointed Anne Middleton to manage its ceded reinsurance placements globally.
Middleton, who will be based in London, will be responsible for managing and negotiating the terms, structure and pricing of XL Catlin’s reinsurance programmes.
Mark van Zanden, CEO of XL Catlin’s P&C underwriting capital management team, said: “Anne Middleton will be a supportive partner to our business lines as we look to build reinsurance programmes that meet our risk appetites and can help us achieve our underwriting and profitable growth objectives.”
In addition, XL Catlin named Henna A Karna as its new chief data officer.
Karna joins the company with 20 years experience in digital innovation and positive disruption within the insurance industry.
