Lloyd’s has secured the approval of the Indian regulator to provide onshore reinsurance services.

Chairman John Nelson says a branch will be established in Mumbai next year.

“I believe Lloyd’s can bring unique benefits to India by providing both protection and new opportunities for many domestic insurance businesses,” he said.

“India is one of the world’s greatest growing economies. I passionately believe that our presence will contribute to the development of a more diverse reinsurance market, which is fundamental to the stability and future growth of the Indian economy.”

Lloyd’s has been in talks with the Insurance Regulatory and Development Authority of India since filing an application for a reinsurance branch based in Mumbai earlier this year.