Lloyd’s announced MS Amlin as the first syndicate to join the India branch of the specialist insurance and reinsurance market, and begin underwriting. MS Amlin is an independent insurer operating in the Lloyd’s, UK, Europe and Bermudian markets.
UK chancellor Philip Hammond and Lloyd’s chairman John Nelson, who are in India as part of a trade delegation, were present at the signing up of a ceremonial Lloyd’s India policy . Lloyd’s India will act as a domestic reinsurance branch of Lloyd’s.
“We have long hoped to be able to increase our support for the Indian market and now we are on the doorstep of our clients and trading partners in Mumbai and we look forward to working with them to develop the types of innovative risk solutions that Lloyd’s is world famous for,“ said Nelson. MS Amlin’s specialist underwriting team will offer a range of reinsurance products to Indian cedents. More Lloyd’s insurers are expected to join the Indian branch in time.
“Lloyd’s will help to strengthen the Indian reinsurance market, increasing the capacity , products and choice available to Indian insurers,“ said Nelson. “This will, in turn, help to create a more vibrant insurance market and increase the level of protection across the Indian economy .
The growth of India’s insurance market has not kept pace with the country’s rapid economic development, leaving many sections of the economy vulnerable in the face of significant natural catastrophe exposures.
Source: Economic Times
Date: 6th April 2017