Lloyd’s gets final Irdai approval, to open branch in April this year

“Lloyd’s will help to share and develop expertise across the industry to position India as an international centre for insurance and reinsurance,” chairman John Nelson said in a statement. Six reinsurance companies, including five global players, are setting up operations in India.

The UK giant said it plans to open a reinsurance branch in the country in April following final regulatory (R3 or final) approval from the Insurance Regulatory Development Authority of India (IRDAI), it said. This will enable Lloyd’s syndicates to offer specialist reinsurance in a variety of classes from a Lloyd’s India branch in Mumbai, it added.

“This is a watershed moment in Lloyd’s international strategy. We have now cemented our access to the world’s largest, fast-growth economies, those most in need of the specialist insurance to protect their expanding asset base,” Nelson said.

BMS threatens agitation over insurers’ listing

The Bharatiya Mazdoor Sangh on Thursday said it would launch an agitation if the Cabinet decision of listing state-run general insurance firms was not withheld.

“BMS doesn’t find any justification in the Cabinet decision for divesting stakes in insurance companies. We will be compelled to hold agitation … ,” BMS’ general secretary Virjesh Upadhyay said. FE