General Reinsurance Corporation (Gen Re), part of the Warren Buffet-backed
Berkshire Hathaway conglomerate, has begun operating in India after receiving its final licence from the Insurance Regulatory and Development Authority of India (IRDAI).
Having a branch in India will allow Gen Re to provide underwriting and risk management services locally instead of cross-border, making it more efficient and beneficial to clients.
“Establishing a reinsurance branch is an important milestone for us,” Winfried Heinen, chairman of the executive board of directors of General Reinsurance AG, told PTI. “We firmly believe in the great potential of the Indian market, especially for life and health insurance products.”
Even before opening a branch in India, Gen Re had been present in the market for 15 years through various channels, focusing primarily in the life and health reinsurance market.
Heinen added that Gen Re will continue expanding in the life and health segment but will also explore opportunities to grow its property and casualty reinsurance portfolio.
Rainer Schurmann, managing director for property and casualty, said: “On the general insurance side, the products are developed and offered to the market by the primary companies and as a reinsurer we follow them and provide reinsurance for their products. On the life side, we are actively supporting the development of health products for our clients.”
Venkatesh N Chakravarty will lead the branch as its chief executive officer, while the property and casualty business will be headed by Nighat Khan.
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