International General Insurance Holdings Ltd expects to launch operations in India this year.

The Bermudian-based specialty insurer and reinsurer announced it had secured registration approval from the International Financial Services Centres Authority to operate an IFSCA Insurance Office in the Gujarat International Finance Tec-City (GIFT City), India’s first international financial services centre.

IGI’s India operation is a reinsurance branch of IGI’s UK subsidiary, International General Insurance Company (UK) Ltd.

IGI expects to open a branch office in GIFT City, build out its India team and begin operations later this year, the company said.

This adds to IGI’s regional offices in Oslo, Malta, Dubai, Casablanca and Kuala Lumpur as well as its principal offices in Bermuda, London and Amman.

Waleed Jabsheh, IGI’s chief executive officer, 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.”