The approval allows IGI to expand into India’s fast-growing market, adding a reinsurance branch in Gujarat’s financial hub later this year.
International General Insurance (IGI) has secured regulatory approval to establish a reinsurance branch in India’s GIFT City, a financial services hub in Gujarat. The new office will operate under IGI’s UK subsidiary and aims to begin operations later in 2024, with plans to hire locally and expand its regional network.
IGI’s move follows its existing presence in key global markets, including Oslo, Malta, Dubai, and Kuala Lumpur. The company specializes in specialty commercial insurance and reinsurance, covering sectors such as energy, marine, and construction. India’s rapid economic growth and regulatory reforms have made it an attractive destination for insurers.
The approval from the International Financial Services Centres Authority (IFSCA) marks a strategic step for IGI, aligning with its goal of physical presence in high-growth regions. The branch will enhance IGI’s diversification and access to one of the world’s fastest-growing insurance markets.