After exiting the Indian market almost three years ago, Lloyd?s has appointed Arun Agarwal ? former CEO of Cholamandalam Mitsui Sumitomo ? as its consultant for the Indian region.
The institution, one of the largest global insurance entities, is more like a market consisting of several syndicates. Lloyd?s Communications media relations manager Sarah Robson said, ?Arun will provide advice and intelligence to Lloyd?s on developments in the Indian market and?help develop?relationships?for Lloyd?s in the region.? Lloyd?s has not re-opened its office, she added.
Lloyd?s continues to wait for the Insurance Laws Amendment Bill to progress. This would allow Lloyd?s to establish a reinsurance branch operation in India, Robson said. ?In the meantime, we continue to provide reinsurance support to India from London and?to look for further ways to develop our business in this important market. We understand the Standing Committee has?delayed its decision on the Bill until further notice, but we remain hopeful that this important piece of legislation will eventually be passed. We believe this?will be a major step forward in the growth and development of the Indian insurance market.?
Lloyd?s had decided to exit India after getting what it describes as a ?cold? response from the government on its proposed venture in the country. Lloyd?s chief representative in India, Srirang Samant, had quit and the company had shut down its office in India.
However, speaking to FE earlier Lloyd?s chairman Peter Levine had indicated that the company was keen to re-enter the Indian market. Though known as a reinsurance company, Lloyd?s follows a different model, wherein syndicates operating within it adopt unique systems to underwrite risks from all over the world, through accredited brokers.