Reinsurance Group of America (RGA) said its branch in India commenced operations from today and maintained it sees a tremendous potential to grow in Asia’s third largest economy.
RGA is a US-based Fortune 500 company specialising in life & health reinsurance and has clients in more than 60 countries.
It earlier obtained the branch licence and required approvals from regualtor IRDAI and started operations from Mumbai, where it has opened a branch. RGA India is affiliated to RGA Life Reinsurance’s Canada unit.
Apart from RGA, the IRDAI has given its final approval to other foreign reinsurers like Munich Re, Swiss Re, Hannover Re, French major SCOR and XL Catlin and domestic private sector reinsurer ITI Reinsurance to kick off their branch operations in the country. As of now, GIC Re is the only state -owned reinsurer in the country.
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RGA is a global market leader in life reinsurance with total revenue of USD 10.4 billion and assets of USD 50.4 billion in 2015. RGA is globally strong in actuarial, underwriting and product development talents, a company statement said.
Since 2001, RGA is operating in India as a foreign reinsurer through its Irish entity, it added.
In the last 15 years, RGA in India developed strong business relationship and continued to service its clients providing treaty and facultative solutions. RGA is working actively with its clients in developing innovative products in ‘online protection’ and ‘critical illness’ space providing tailor made reinsurance solutions.
RGA has 23 life insurance companies, including LIC, as its clients in the country and 5 life insurance companies as clients in Sri Lanka.
“RGA has long term commitment to Indian insurance market and is keen to provide continued service to its clients,” Thomas Mathew, RGA chief executive, said.
“With the branch licence and commencement of the branch operations, RGA will be able to give better, faster and efficient services to its clients,” he said.
RGA believes the Indian insurance market has tremendous potential to grow and that RGA will be able to support this growth through innovative products in Life & Health insurance solutions,” he said.