According to a statement by AGCS, the new reinsurance branch will allow it to further expand its presence across Asia-Pacific to capitalize on growth opportunities in the Indian market and better serve global corporate clients with business interests in the country. AGCS is the dedicated carrier for corporate and specialty insurance business of German insurance giant Allianz.
The firm said that it is part of the trend in which global reinsurance companies are expanding operations in India, one of the fastest-growing re/insurance markets, following the Indian government’s move to amend regulations and open the reinsurance market to foreign companies in 2016. It also mentioned AGCS’s experience in India, having worked closely with Bajaj Allianz and its global risks division since 2013.
AGCS’s India branch will initially offer facultative, proportional, and non-proportional reinsurance solutions on the following lines of business: property, liability, marine, financial lines, construction & engineering, and energy. It will be able to access opportunities in large scale construction projects under the US$106 billion Bharatmala infrastructure development plan, as well as strong contributions from the automotive, electronics and high-tech communication industries.
Heading the operation as CEO is CB Murali (pictured), who has over 35 years of property & casualty insurance experience in both the domestic and international markets. He was previously the head of Bajaj Allianz’s global risks division.
“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,” said Mark Mitchell, CEO of AGCS Asia-Pacific. “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.”
