Zurich-based reinsurer Echo Re has received approval from India’s International Financial Services Centers Authority (IFSCA) to set up a reinsurance branch in Gujarat International Financial Technology City (GIFT City) to strengthen its operational capabilities in one of its key markets.
Echo Re explains that it has had a presence in the Indian insurance market for over a decade.
During this period, the company gradually expanded its business scope and established a “diversified” treaty reinsurance portfolio in the property and casualty and specialty lines.
Fabian Pütz, CEO of Echo Re, said the decision marks an important step that further demonstrates its commitment to the Indian insurance market and provides a gateway to the wider subcontinent and beyond.
Pütz continued: “Leveraging the local presence and existing capabilities of our Zurich office, we aim to further strengthen our excellent relationship by offering our technical knowledge and underwriting capabilities to the market.”
Paul Hertelendy, chief underwriting officer at Echo Re, added: “Echo Re has been active in the Indian market for over a decade and has built strong relationships as a cross-border reinsurer.
“The opening of our first branch at GIFT City IFSC reinforces our strategic view of India as one of the most dynamic growth markets in the world.
“India has become a core pillar of our portfolio and we look forward to further strengthening our position in the coming years.”
Swapnil Soni, Regional Manager, Indian Subcontinent, Echo Re noted: “We deeply appreciate the exemplary cooperation provided by IFSCA, which played an important role in facilitating a smooth and efficient licensing process.
“The strong regulatory framework in place is an important tool in advancing India’s goal of expanding insurance coverage to all segments of society.
“With GIFT City rapidly developing into a reinsurance hub, we are pleased to gain client business from there and further strengthen our presence in the region.”
Echo Re is a wholly-owned subsidiary of the German DEVK Group and provides property and casualty insurance and specialty reinsurance to customers in the Asia-Pacific, Middle East, Africa, Latin America and the Caribbean.
The post Echo Re opens branch in India’s fast-growing GIFT City appeared first on ReinsuranceNe.ws.