Specialist Lloyd’s Insurance and Reinsurance Markets has applied to set up operations in the Gujarat International Fintech City (GIFT City), India’s first operational greenfield smart city, India Business News reported.
Officials from India’s International Financial Services Center Authority (IFSCA) told the publication that Lloyd’s has applied to set up a statutory insurance and reinsurance company and that the proposal is currently “under processing”.
The license will authorize Lloyd’s to carry out insurance and reinsurance business in accordance with the IFSCA Insurance Business Registration Regulations 2021, and funds will be remitted from Lloyd’s London headquarters.
As India looks to position itself as a top global reinsurance hub, this new development has the potential to further the country’s vision for a GIFT City, creating greater access to global underwriting capital and expanding risk management capabilities.
Business Line India reported that Lloyd declined to comment on the matter.
According to public disclosures, the number of IFSC insurance offices (IIOs) has increased from 19 to 24 and the number of insurance intermediary offices (IIIOs) has increased to 31 from 25 a year ago as of December 2025, highlighting the continued growth of GIFT City.
Earlier this week, Zurich-based reinsurer Echo Re received approval to set up a reinsurance branch in GIFT City to strengthen its operational capabilities in one of its key markets.
Other prominent re/insurers, such as PartnerRe and Santam, received licenses to set up reinsurance branches and opened branches in the city in February.
In January 2026, Saudi Reinsurance received approval to open a branch in GIFT City, while Korean Reinsurance announced plans to start operations of its Indian branch in April 2026.
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