India Inc is going global with gusto in the insurance market as well. For the first time ever, two Indian entities, the Reliance Anil Dhirubhai Ambani Group (R-ADAG) and ICICI Bank, are planning to set up syndicates in London?s Lloyd?s market, one of the largest reinsurance markets in the world.

Underwriting members of Lloyd?s?referred to collectively as the Lloyd?s market?write business through syndicates and together form one of the world?s largest specialist commercial insurers and reinsurers, reporting gross written premiums (including brokerage) of ?16.4 billion in 2006. That year, the capital and reserves supporting the Lloyd?s market (including the net resources of Lloyd?s) were ?13.3 billion.

Both R-ADAG and ICICI Bank already have two insurance companies each?in life and general insurance?that are performing well in the country.

Sources at Lloyd?s say the preliminary round of preparation by both companies is already on and they have posted representatives on behalf of their companies in London. Both companies confirmed to FE that they have opened representative offices in London.

While an R-ADAG spokes- person explained that a representative on behalf of Reliance General Insurance is posted there to look after the reinsurance business, ICICI Lombard General Insurance sources said the company?s representative oversee the bancassurance needs of ICICI Bank in London.

Sources point out that setting up syndicates will be a long drawn-out process and many technical procedures have to be cleared before Lloyd?s permits these two Indian companies to enter its market.

Lloyd?s itself has plans to enter the Indian market both as a reinsurer and as a direct insurer, for which it is currently talking to Indian authorities.

Though Indian insurers depend upon the London market primarily for their reinsurance needs, the country?s official reinsurer, GIC Re, is to formally open a branch office in The

City shortly.

Recently, Indian broker KM Dastur was accredited as a Lloyd?s broker. Earlier, another Indian, Bharat J Boda, managing Asia largest and oldest insurance broking house, received Lloyd?s accreditation.