Mumbai: Allianz Global Corporate & Speciality, a division of German insurance major Allianz, on Wednesday announced opening of its first reinsurance branch here following regulatory approvals.
The company has got in Rs 127 crore capital, in line with the Irdai requirements for the branch, which is stationed in the financial capital and employs 16 currently. It is looking at the highway projects, property, marine, financial sectors among others, all traditional lines of business, along with emerging sectors like IPOs and cyber risks, to increasing business.
Its Asia Pacific chief executive Mark Mitchell said the company has been offering the products since 2013 through Bajaj Allianz, its joint venture partner and after initial testing, applied for a license last year. It got the license last August and built a team, after which it is doing the formal launch, he said.
CB Murali, chief executive for India, said the country is a big market from a premium underwriting perspective but profitability is a concern because of growing risk of calamities. The company will be choosy in the risk it underwrites here, he added.
Board member Sinead Browne said the company has been the first internationally to specify cyber as a risk covered for its clients and added that the same will be available for clients here as well.
When asked about the future of the joint ventures with Bajaj and if the parent has any plans of increasing its stake, Browne declined to comment on the future strategy but said operating the companies for the last 17 years has been a learning experience.
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Updated Date: Jan 22, 2019 07:45:25 IST