Gen Re sees "excellent and sustainable business opportunities" in the Indian market
Gen Re is opening a new liaison office for Life/Health reinsurance business in Mumbai, India.
After the Indian Regulatory and Development Authority had granted Gen Re’s operating company Cologne Reinsurance Company a license to operate a liaison office in Mumbai in November 2007, Gen Re held the official opening ceremony on 2 June 2008.
At this event, several senior managers of the Indian life insurance industry came together with a group of Gen Re senior managers, led by Peter Lütke-Bornefeld, chairman of Cologne Reinsurance Company.
Winfried Heinen, head of Gen Re’s international life/health business and a member of Cologne Re’s Board of Executive Directors, commented, “With India’s economic success and more insurers entering the market, Gen Re sees excellent and sustainable business opportunities here.”
Wolfgang Droste, head of Gen Re’s life/health business in the AsiaPacific region said, “The competition amongst life insurers will increase the pressure to develop new product ideas, particularly in the field of living assurance products, such as health-related plans offering long-term value to customers. India, together with China, is a key market in the overall strategy of Gen Re’s market development in Asia and beyond.”
He added that, “Gen Re’s experience in adapting product and risk management solutions to local environments gives our clients strategic advantages to grow profitably.”
Gen Re is now represented in Asia, one of the most populous and dynamic regions in the world, by offices in India, Hong Kong, China, Singapore, Taiwan, Japan and Korea.
