The Insurance Regulatory and Development Authority of India granted final approval to five foreign reinsurance firms to open branches in the country, the Press Trust of India reported Dec. 24, citing a senior official at the regulator.
The five reinsurers are U.S.-based Reinsurance Group of America Inc., Germany's Munich Re and Hannover Re, Switzerland's Swiss Re Ltd. and France's SCOR SE.
XL Catlin and Lloyd's of London are expected to get second-phase approval from the regulator soon, while U.S.-based General Reinsurance Corp. is expected to get first-phase approval. XL Catlin is the global brand used by XL Group Ltd's insurance and reinsurance companies. Gen Re is a subsidiary of Berkshire Hathaway Inc.
Local firm ITI Reinsurance has already received the second-phase approval and is waiting for the final license.
State-owned General Insurance Corp. of India is currently the only reinsurer in India.