Lloyd’s sets up shop in Mumbai

Mumbai: London-based Lloyd’s inaugurated its Mumbai office on Wednesday in the presence of UK chancellor Philip Hammond, with insurer MS Amlin joining as the first syndicate member in India.The 328-year-old Lloyd’s, considered the birthplace of modern insurance, operates as a marketplace where various syndicate members or insurance companies provide reinsurance protection. In India, insurance laws were amended a couple of years ago to enable Lloyd’s function as a marketplace. Following this, Lloyds has set up an office in the Bandra Kurla Complex here. The signing of a ceremonial Lloyd’s India policy was witnessed by Hammond and Lloyd’s chairman John Nelson, as part of a trade delegation to boost ties between the UK and India.Lloyd’s India will act as a domestic reinsurance branch, providing support for speciality insurance covers. Shankar Garigiparthy, who has been appointed country manager and CEO, will head Lloyd’s India operations.Philip Hammond said that Lloyd’s would help Indian insurance firms increase the resilience of the economy to catastrophic events. “This would boost Britain’s ties with one of the world’s most exciting economies, underlining our status as a truly global trading nation,” he added.John Nelson said, “We have long hoped to increase our support for the Indian market and now we are on the doorstep of our clients and trading partners in Mumbai, and we look forward to working with them to develop the types of innovative risk solutions that Lloyd’s is world famous for.” He added that Lloyd’s would help to strengthen and diversify the Indian reinsurance market, increasing the capacity, products and choice available to insurers.