Gen Re has received approval from the Insurance Regulation and Development Authority of India (IRDAI) to open a reinsurance branch in Mumbai.
The new branch structure will allow Gen Re to deliver underwriting and risk management knowledge locally rather than cross-border.
Although the main focus of the office will be on the life and health sector, Gen Re will continue to explore opportunities to grow its presence in the property and casualty reinsurance market.
Venkatesh Chakravarty, who has prior reinsurance and insurance experience, will lead the new branch, taking on the role of CEO.
Winfried Heinen, chair of the executive board of directors of Gen Re, said: "We are delighted about the opening of the Indian market. Establishing a reinsurance branch is an important milestone for us. We firmly believe in the great potential of the Indian market, especially for life and health insurance products.
“With Venkatesh Chakravarty as our local head we have an extraordinarily professional and capable team in place to lead this important move. I am excited about the opportunities on the horizon."
Chakravarty added: "The new structure will enable us to provide technical and risk management services locally. Beyond classic reinsurance of traditional lines of business, the development of innovative life and health insurance products with and for our clients is at the core of our value proposition. We are now ideally positioned to meet the demands and challenges of the market.”
