On Thursday, XL Catlin, a well-known property and casualty insurance company announced that it has started the licensing procedure to set a reinsurance branch in India.
“The decision to pursue market entry into India aligns with XL Catlin’s strategy of establishing a presence in emerging and developing markets where economic activity is increasing and the re/insurance market would benefit from its global expertise,” a press release from the company said.
The application for the same has been filed with the Insurance Regulatory Development Authority of India (IRDA) and seeks to launch a reinsurance branch office of XL Insurance Company SE (XLICSE).
The approval is pending, however, the company expects to be able to begin operations in India later this year, it said.
“India has seen significant economic development over recent years, leading it to overtake China in terms of GDP growth across 2015. Economic reforms and improved infrastructure have led to a growing middle class and increased private consumption, which in turn benefits the local economy and helps to raise living standards,” it said.