London-based specialty re/insurer MS Amlin has decided to retreat from Indian reinsurance market after a group-wide review of its operating structure and performance.
The company has informed Insurance Regulatory and Development Authority of India (IRDAI) about its decision.
IRDAI said that the company did not underwrite any business except Agriculture Insurance (AICL) during fiscal 2017-18.
The insurance regulator said that MS Amlin and AICL are planning to sign a novation agreement for the transfer of the existing reinsurance treaties to MS Amlin Underwriting (MSAUL) at Lloyd’s London.
MS Amlin will have to close all its bank accounts in India and submit supporting documents with the IRDAI to complete the exit process.
MS Amlin was the first reinsurer to join Lloyd’s India office. The company was issued joint Certificate of Registration (CoR) by the IRDAI in March 2017 to carry out reinsurance business for the period of three years.
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In May, MS Amlin purchased an equity stake in Envelop Risk, a specialist reinsurance managing general agent (MGA), that offers artificial intelligence (AI)-based data-driven cyber risk analysis and reinsurance products.
The company manages businesses in property & casualty, marine & aviation and reinsurance in the Lloyd’s, UK, Continental European and Bermudian markets.