Allianz Global Corporate and Specialty (AGCS) announced setting up a new India reinsurance branch through which it plans to further expand its presence in the Asia-Pacific region.
AGCS India Branch will initially offer facultative, proportional and non-proportional reinsurance solutions in areas such as property, liability, marine, financial lines, construction and engineering and in energy.
In particular, it is interested in large-scale construction projects under the Bharatmala initiative, sectors such as electronics, automotive and high tech communication industries as well as sectors like cyber and initial public offerings.
“We had filed the R1 application with IRDAI, which was granted in November 2017 and AGCS India went operational from September 15, 2018,” said CB Murali, CEO, AGCS India branch, adding that the reinsurer has “fairly ambitious plans” for the next five years.
AGCS had set up an embedded desk in Bajaj Allianz in 2013 and had commenced writing Indian commercial business as well as for some global clients too.
“The offshore business will move to India in 2019,” said Murali, adding that AGCS has brought $127 crore of capital as required by IRDA. It expects to break even in India in the next three to five years.
