Berkley Insurance gets approval for India branch office
December 20, 2024
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Bạn đang xem: Berkley Insurance gets approval for India branch office
Berkley Insurance Company, a unit of W. R. Berkley Corporation, has secured approval from the International Financial Services Centres Authority (IFSCA) to set up a branch office in India.
This move is said to represent a “significant milestone” for Berkley Insurance Asia as it works towards strengthening its foothold in the region.
The new office will be situated at GIFT City in the Indian state of Gujarat and is expected to start operations in 2025.
Unnati Bajpai has been appointed as the CEO and principal officer of Berkley Insurance Company, IFSC Branch GIFT City, Gujarat.
She will be part of the Berkley Insurance Asia leadership team and will collaborate with Berkley Insurance Asia CEO Shasi Nair.
Berkley Insurance Asia has been operating in the Asian market for more than a decade, with branches in Singapore, Hong Kong, a representative office in Tokyo and a specialty underwriting team in Shanghai under Lloyd’s China.
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W. R. Berkley Corporation, established in 1967, is an insurance holding company.
It operates globally in two segments of the property/casualty insurance business, namely insurance and reinsurance & monoline excess.
W. R. Berkley Corporation president and CEO W. Robert Berkley, Jr said: “We are pleased to welcome Ms. Bajpai to Berkley. She will be instrumental in establishing the Berkley team in India as we prepare to begin operations in 2025. Our entry into the Indian market underscores our commitment to selectively developing our business in Asia. We look forward to bringing our specialty insurance products to the Indian market.”
This move follows the Indian Government’s proposal to raise the foreign direct investment limit from 74% to 100% in the insurance sector.
Furthermore, the government has recommended reforms that would permit insurers to offer multiple classes of insurance business and activities.
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