International General Insurance (IGI) has received regulatory clearance from the International Financial Services Centres Authority (IFSCA) to set up an IFSCA Insurance Office in Gujarat International Finance Tec-City, or GIFT City, in India.
The India unit will operate as a reinsurance branch of International General Insurance Company (UK), IGI’s UK subsidiary.
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The group plans to launch the branch in GIFT City, hire locally and start business later this year.
The new office will join IGI’s regional network in Oslo, Malta, Dubai, Casablanca and Kuala Lumpur, as well as its main offices in Bermuda, London and Amman.
IGI writes specialty commercial insurance and reinsurance across a range of lines.
Founded in 2001, the company’s portfolio includes construction and engineering, energy, general aviation, marine cargo, ports and terminals, and property.
It also includes contingency, D&O, financial institutions, general third-party liability, legal expenses, marine liability, marine trades, political violence, professional indemnity and treaty reinsurance.
IGI president and CEO Waleed Jabsheh said: “This is a significant milestone for IGI as it expands our global footprint, strengthening our presence in the Indian sub-continent, and provides a long-term opportunity in one of the world’s fastest-growing economies. This also furthers our diversification, and our strategy of having a physical presence in our key regions around the world. We look forward to building a strong local team and supporting both facultative and specialty treaty reinsurance clients in this fast-growing region.
“GIFT City IFSC offers an innovative, well-regulated platform that opens up new opportunities for IGI to develop globally integrated facultative and specialty treaty reinsurance capabilities in close collaboration with a vibrant ecosystem of cedants and brokers.”
