Allianz Global Corporate & Specialty (AGCS) has opened a new reinsurance branch in Mumbai, India to target its growth in Asia.
The Mumbai reinsurance branch has been opened following the receipt of the required reinsurance license from the Insurance Regulatory and Development Authority of India (IRDAI) to AGCS earlier last year.
The company, which is Allianz Group’s exclusive carrier for corporate and specialty insurance business, offers insurance and risk consultancy across the spectrum of specialty, alternative risk transfer and corporate business.
AGCS said that the new reinsurance branch in Mumbai will enable it to further grow its footprint in the Asia Pacific region. Further, it will also allow the company to capitalize on growth opportunities in the Indian market and help it better serve global corporate clients, who have business interests in the country.
AGCS board member and Asia Pacific chief regions and markets officer 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.
“This will allow us to better help clients navigate the continually evolving risk landscape with local underwriting and risk management expertise. India has huge potential to develop into a major reinsurance hub in Asia and we aim to part of this future success story.”
AGCS said that its reinsurance branch in India will initially provide facultative, proportional, and non-proportional reinsurance solutions for the property, liability, marine, financial lines, energy and the construction and engineering sectors.
The company said that through the AGCS India branch it is particularly eyeing opportunities in large-scale construction projects under the $106bn Bharatmala infrastructure development plan. Apart from that, the company will also look for opportunities from the automotive, electronics and high-tech communication industries, which it says complement its areas of specialist expertise.
AGCS also believes that the new reinsurance branch in India will provide it greater access and priority to business ceded by Indian insurers than it would have as a foreign-based reinsurance provider.
AGCS Asia Pacific regional CEO Mark Mitchell said: “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.”