Lloyd’s will apply for a reinsurance branch in Mumbai following the publication of regulations governing the market by the Insurance Regulatory and Development Authority of India.

Lloyd’s has a century-long relationship with India as a provider of offshore reinsurance.

Chairman John Nelson says the branch will provide Indian reinsurance brokers with local access to Lloyd’s underwriting expertise.

“As an international insurance and reinsurance market, Lloyd’s can bring unique benefits to India,” he said.

“We believe a Lloyd’s 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 will also help to position India as a centre for insurance, reinsurance and associated services.”

Director of Global Markets Vincent Vandendael says Lloyd’s has a long history of supporting India.

“We look forward to this new phase in our relationship,” he said.

“Lloyd’s underwriters will work closely with brokers and clients to craft policies that meet specific needs and gaps in the market. We look forward to helping to create a world-class insurance and reinsurance market in India, as we have done elsewhere in the world.”