Middle East - UAE: Indian firms start reinsurance ops in DIFC
Source: Middle East Insurance Review | Feb 2016
Two Indian insurance firms – New India Assurance (NIA) and HDFC Standard Life Insurance Company (HDFC Life) – have opened offices in the DIFC.
NIA announced that it will open a reinsurance desk at its DIFC office to enhance its presence in the segment in the region. Chairman and Managing Director, Mr G Srinivasan, said this will enhance the company’s business prospects from the GCC, adding to its global reinsurance business to the tune of US$250 million.
Outside India, NIA has operated a reinsurance desk at Lloyds of London for the last 25 years, contributing over $110 million annually to the company’s reinsurance business.
“Once fully operational, the DIFC hub will work as a regional control hub for New India Assurance’s business with delegated decision making, and will eventually support the company’s vision to enhance its presence in the GCC and the region,” Mr Srinivasan said.
HDFC Life, a subsidiary of Housing Development Finance Corporation (HDFC), set up a wholly-owned subsidiary in the DIFC on 10 January to offer reinsurance services. The new subsidiary, HDFC International Life and Re Company Limited (HILRCL), has an initial capital of $12.33 million.
HILRCL will commence its business operations shortly, subject to completion of further regulatory formalities to obtain the final licence from the Dubai Financial Services Authority.