Specialist insurer Markel International has obtained a licence from the Insurance Regulatory and Development Authority of India (IRDA) to write reinsurance business in the country.
The company said it will underwrite reinsurance in India through the Lloyd’s India platform, with capacity offered by Markel’s Syndicate 3000 at Lloyd’s.
The company will offer treaty and facultative reinsurance to local Indian insurers and will initially focus on marine, contingency, energy, and professional and financial risks.
Markel India will be headed by Deepika Mathur, who has approximately two decades of experience in the Indian insurance industry.
Previously, Mathur served as executive vice president at HDFC Ergo, the Indian/German joint venture general insurance company.
Deepika said:”The Indian economy has had a stellar performance since the turn of the century and that has seen a parallel increase in the demand for newer and more specialised insurance products.
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“That means we can bring our expertise to the local market and help in areas where businesses may be without the right insurance to protect themselves. We can help meet that need.”
Markel International writes insurance and reinsurance business through four divisions and through offices across the UK, Europe, Canada, Latin America and Asia Pacific.