Allianz Global Corporate & Specialty (AGCS), part of German insurance group Allianz, has set up reinsurance operations in India after securing regulatory nod.
The new reinsurance branch will be located in Mumbai. It will provide facultative, proportional, and non-proportional reinsurance solutions for property, liability, marine, financial lines, construction and engineering, as well as energy.
AGCS Asia Pacific CEO Mark Mitchell said: “India has long been a key part of AGCS’s regional portfolio, and I look forward to the even closer collaboration with our business partners that this local branch will allow.
“As a leading global player in the reinsurance industry, the set-up of AGCS India will strengthen the expertise acquired by our previous operations in the India market and help us meet our clients’ continually changing needs.”
AGCS India is said to enable the firm capitalise on growth opportunities in India, where it has been working alongside Bajaj Allianz and its Global Risks unit since 2013.
The India business will be led by CB Murali as CEO. Murali formerly headed Bajaj Allianz’s Global Risks division.
AGCS board member and chief regions and markets officer for Asia Pacific Sinéad Browne said: “India’s continued rapid growth and the opening up of the domestic reinsurance market to foreign owned insurers makes it the ripe time to have our own branch in the country.”