Indian regulators give green light for XL Catlin India office

XL Catlin has been given permission to open an onshore reinsurance branch office in India, after getting final approval from the Insurance Regulatory Development Authority of India (IRDAI).

Joseph Augustine has been appointed as the CEO of India branch, which will open for business in time for the April 1st renewal period.

XL's India operations will be based in Mumbai, and provide treaty and facultative reinsurance.

Mike McGavick, the chief executive of XL Catlin, said: “The re/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. We are delighted to receive final approval of our license and feel we can make an important impact in this critical region.

“Additionally, we are pleased to appoint Joseph Augustine as CEO for our reinsurance branch; his experience and understanding of the Indian market places him well to lead our efforts to provide best quality products and services to clients and brokers in India.”

Greg Hendrick, XL Catlin’s president of property/casualty, added: “In addition to our strong client focus, we are also committed to playing our part as a global company to contribute to the development of the reinsurance market in India.

“We intend to bring in our global expertise and provide regular training for our team in India as well as broader market workshops on key areas including underwriting, claims management, communications and sales.”