Jonathan Kent, Business Editor

XL Catlin has received the green light to open a reinsurance branch in India — a market growing at a “staggering pace” according to the Bermudian-based company’s chief executive officer.

The global insurer plans to have the operation in Mumbai, headed by chief executive officer Joseph Augustine, open in time for the key April renewals period.

Final approval for XL’s licence came from India’s insurance regulator, the Insurance Regulatory Development Authority of India, the company announced.

Mike McGavick, CEO of XL Catlin, said: “The re/insurance market in India is evolving and developing at a staggering pace. There is huge opportunity for reinsurance companies who understand the local market and have a global track record in delivery. We are delighted to receive final approval of our licence and feel we can make an important impact in this critical region.

“Additionally, we are pleased to appoint Joseph Augustine as CEO for our reinsurance branch. His experience and understanding of the Indian market places him well to lead our efforts to provide best quality products and services to clients and brokers in India.”

According to the Indian Brand Equity Foundation, an Indian government agency, the general insurance business in India generates annual premium of $11.44 billion and is growing at a rate of 17 per cent.

XL Catlin will face strong competition in India from other foreign reinsurers. Swiss Re announced today it had received permission to open a reinsurance branch in India, following Munich Re’s similar announcement earlier this month.

XL Catlin has had service operations in India since 2004, when it opened its first offices in Gurgaon, later adding offices in Bengaluru. The shared services teams deliver a range of critical business support services on a global scale in areas such as underwriting, actuarial, claims, finance and marketing.

Greg Hendrick, XL Catlin’s president of property and casualty, said: “In addition to our strong client focus, we are also committed to playing our part as a global company to contribute to the development of the reinsurance market in India.

“We intend to bring in our global expertise and provide regular training for our team in India as well as broader market workshops on key areas including underwriting, claims management, communications and sales.”