The Insurance Regulatory and Development Authority of India (IRDAI) has granted SCOR an R2 authorization, which allows the group to open a composite branch office in India to conduct life and P/C reinsurance business.
SCOR will open the branch office as soon as it receives R3 authorization, the company said, noting that it is expected to start underwriting business with effect from the April 1, 2017 renewals.
The launch of a branch demonstrates the group’s commitment to the Indian market but the company has been writing business with Indian clients since 1973 with a liaison office opened in 2005.
Currently, SCOR’s P/C division provides treaty and facultative solutions for its Indian clients, and is developing specialty coverage, notably in the agriculture and credit insurance areas.
The new Indian branch office, will help SCOR enhance its local resources in order to provide clients with tailor-made reinsurance solutions, the company added.
SCOR went on to say that it has a longstanding presence in the Indian life reinsurance market. Building on its strong local critical illness and life expertise, the group is expanding its footprint as part of [its] Vision in Action strategic plan.
Denis Kessler, chairman and chief executive officer of SCOR, commented: This decision by the IRDAI is a milestone in the process of opening a composite branch in India. SCOR looks forward to reinforcing its presence in the country.
Both business engines, P/C and life, will complement each other in providing Indian clients with comprehensive reinsurance solutions.