Keen on India, Lloyds appoints consultant

Written by Sitanshu Swain | Mumbai | Updated: May 26 2011, 02:19am hrs
After exiting the Indian market almost three years ago, Lloyds 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. Lloyds Communications media relations manager Sarah Robson said, Arun will provide advice and intelligence to Lloyds on developments in the Indian market andhelp developrelationshipsfor Lloyds in the region. Lloyds has not re-opened its office, she added.

Lloyds continues to wait for the Insurance Laws Amendment Bill to progress. This would allow Lloyds to establish a reinsurance branch operation in India, Robson said. In the meantime, we continue to provide reinsurance support to India from London andto look for further ways to develop our business in this important market. We understand the Standing Committee hasdelayed its decision on the Bill until further notice, but we remain hopeful that this important piece of legislation will eventually be passed. We believe thiswill be a major step forward in the growth and development of the Indian insurance market.

Lloyds had decided to exit India after getting what it describes as a cold response from the government on its proposed venture in the country. Lloyds chief representative in India, Srirang Samant, had quit and the company had shut down its office in India.

However, speaking to FE earlier Lloyds chairman Peter Levine had indicated that the company was keen to re-enter the Indian market. Though known as a reinsurance company, Lloyds follows a different model, wherein syndicates operating within it adopt unique systems to underwrite risks from all over the world, through accredited brokers.