International General Insurance Holdings Limited (IGI) has received a license to operate in the International Financial Technology City (GIFT City) in the state of Gujarat, India, the first and only international financial services center to operate in the country.
The expansion comes after the International Financial Services Centers Authority (IFSCA) approved the registration of the IFSCA Insurance Office (IIO).
IGI’s India business is the reinsurance arm of International General Insurance Company (UK) Ltd, the UK subsidiary of IGI.
Later this year, IGI plans to open a GIFT City branch, recruit a local team in India and start operations.
The new facility will complement IGI’s existing major hubs in Amman, London and Bermuda, as well as regional operations in Kuala Lumpur, Casablanca, Dubai, Malta and Oslo.
IGI President and CEO Waleed Jabsheh commented: “This is an important milestone for IGI as it expands our global footprint, strengthens our presence in the Indian subcontinent and provides long-term opportunities in one of the fastest growing economies in the world.
“It also furthers our diversification and our strategy of developing physical presence in key regions around the world. We look forward to building a strong local team and supporting our casual and specialty treaty reinsurance clients in this fast-growing region.”
He added: “GIFT City IFSC provides a well-regulated innovation platform, providing IGI with new opportunities to develop globally integrated ad hoc and specialist treaty reinsurance capabilities in close collaboration with a vibrant ecosystem of cedants and brokers.”
