Regulator Irdai has granted the certificate of registration to ITI Reinsurance, which will be the first domestic private sector reinsurer, according to a senior company official.
Sun Pharma huncho Sudhir Valia is the promoter of the ITI Insurance.
“We have been granted R3 approval by Irdai. We have already brought in a substantial part of the required capital of Rs 500 crore to kick off operations and the balance amount will be brought in by March,” ITI Re chief operating officer R Raghavan told PTI today.
“To begin with, we will focus on general insurance and later on we will start reinsuring life insurance,” he said, adding “we will begin with 2,000 staff.”
Last week, Irdai had granted R3 approvals to five global reinsurers to set up their branches in the country. They include US-based reinsurer Reinsurance Group of America (RGA), Munich Re and Hannover from Germany, Swiss Re from Switzerland and French reinsurance major Scor.
SCOR has said that the company has received the authorisation to open a Composite Branch Office in India and will underwrite Life and P&C reinsurance business, said a press release of SCOR.
.Denis Kessler, Chairman & Chief Executive Officer of SCOR, commented: “Receiving the R3 authorisation from the IRDAI to establish a SCOR branch in India marks a milestone for the Group in terms of solidifying its presence in the country, where it has enjoyed strong business relationships for many years. Our local team will be ready to provide business solutions to our Indian clients as of the 1 April 2017 renewals.”
SCOR has been writing business with Indian clients since 1973, having opened a liaison office in India in 2005. The establishment of a SCOR branch in 2016 demonstrates the Group’s commitment to the Indian market and to the continued provision of services to its clients in the country.
The state-owned GIC Re is the only reinsurance company in the country today. The reinsurance market is estimated to be at around USD 2.5 billion.
Irdai had also granted the R2 approval to another global reinsurer XL Catlin and the London-based specialized reinsurer Lloyds and R1 approval to Gen Re (part of Berkshire Hathaway of Warren Buffet).
Source:-Asia Insurance Post