MUMBAI, India, Jan. 23, 2017 /PRNewswire/ -- XL Catlin's
reinsurance business group has announced that it has received final
approval from the Insurance Regulatory Development Authority of
India (IRDAI) to open an onshore
reinsurance branch office of XL Insurance Company SE (XLICSE) in
India. The operation, which will
be based in Mumbai and provide
treaty and facultative reinsurance, will be led by Joseph Augustine as branch CEO. It is planned to
be open for business in time for the important April 1st renewal period.
Mike McGavick, Chief Executive of
XL Catlin commented: "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."
XL Catlin has had service operations in India since 2004, when it opened its first
offices in Gurgaon, later adding offices in Bengaluru. The shared
services teams deliver a range of critical business support
services on a global scale in areas such as underwriting,
actuarial, claims, finance and marketing.
About XL Catlin Reinsurance Operations
XL Catlin reinsurance companies are among the world's leading
reinsurers. They offer products that include aerospace, property,
casualty, marine and specialty. The world's top insurers choose XL
Catlin to help move their businesses forward. To learn more, visit
xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group Ltd's (NYSE:XL)
insurance and reinsurance companies which provide property,
casualty, professional and specialty products to industrial,
commercial and professional firms, insurance companies and other
enterprises throughout the world. Clients look to XL Catlin
for answers to their most complex risks and to help move their
world forward. To learn more, visit xlcatlin.com.
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SOURCE XL Catlin