Swiss Re receives approval to open branch in India

Wholesale reinsurance provider Swiss Re today said it has received approval from the Insurance Regulatory approval to open a branch in India, the world's second largest reinsurer said on Monday, part of the Swiss company's growth aspirations in the world's second most populous country.

The branch, which opens operations on February 1 in Mumbai, has been licensed to sell non-life, life and health reinsurance solutions directly to clients and brokers in India.

While the company has been existent in India for the past 87 years, it can now formally write business from their India offices. Kalpana Sampat, CEO of the India branch, said: “We are betting big on segments like agriculture, health and natural catastrophe. There is a lot of scope for writing businesses in these areas. Now that we are in India, it gives us an opportunity to look more closely into the Indian market and price risks appropriately."

"This is a significant milestone for us," Swiss Re's head of reinsurance in Asia, Jayne Plunkett, said in a statement. "Our new India branch, together with Swiss Re Global Business Solutions centered in Bangalore, represent our commitment and investment in India's long term future, and our ambition to be part of this dynamic high growth market."