The Bermuda-based specialty re/insurer expects to open a GIFT City branch later this year, adding to its existing offices across Europe, the Middle East, North Africa and Asia
International General Insurance (IGI) has secured approval to operate in India’s Gujarat International Finance Tec-City, known as GIFT City.
The registration approval from the International Financial Services Centres Authority will allow IGI to operate an IFSCA Insurance Office in India’s first operational international financial services centre.
IGI’s India operation will be a reinsurance branch of its UK subsidiary, International General Insurance Company (UK) Ltd.
The Bermuda-based specialty re/insurer expects to open a branch office in GIFT City, build out its India team and begin operations later this year.
The move 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 (pictured), president and CEO of IGI, said the approval represented a milestone for the company’s international expansion.
“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,” Jabsheh said.
“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.” Jabsheh continued.
Jabsheh said GIFT City would provide IGI with a base to develop its capabilities in India.
“GIFT City IFSC offers an innovative, well-regulated platform that opens up new opportunities for IGI to develop globally-integrated facultative and specialty treaty reinsurance capabilities in close collaboration with a vibrant ecosystem of cedants and brokers,” he added.
No comments yet