Allianz Partners marks reinsurance milestone in India

Allianz Partners marks reinsurance milestone in India | Insurance Business Asia

Reinsurance

Allianz Partners marks reinsurance milestone in India

It is the first foreign reinsurer in country’s GIFT City

Reinsurance

By
Kenneth Araullo

Allianz Partners has unveiled its new IFSC Insurance Office (IIO Reinsurance Branch) in the International Financial Services Centre (IFSC) at GIFT City, Gandhinagar, India.

It means Allianz Partners is the inaugural foreign reinsurer to establish a presence in IFSC – something the firm described as pivotal to its expansion in the region.

The IIO operates as a reinsurance branch of AWP P&C SA, a Paris-headquartered group entity of Allianz Partners, with a focus on revolutionizing the reinsurance domain in India through its B2B services.

As per an Economic Times report, the initiative is also in line with Allianz Partners’ broader business objectives to stimulate growth in the insurance sector and to consolidate its footprint in the Indian marketplace.

Vinay Surana, Allianz Partners managing director for the Asia Pacific, Middle East & Africa regions, commented on the strategic importance of this expansion. He noted that the establishment of the IIO Reinsurance Branch not only aligns with its growth ambitions but also accentuates GIFT City’s stature as a leading International Financial Center.

The newly inaugurated branch will serve a wide array of customer segments, including B2B, reinsurance, travel, and mobile device and digital risk management. Located within the GIFT City Special Economic Zone (SEZ), the office benefits from the SEZ’s incentives, such as import-export privileges and tax exemptions.

Tapan Ray, managing director of GIFT City, reflected on the significance of Allianz Partners’ entry into the market, emphasizing how it amplifies GIFT City’s appeal to global entities.

“Allianz Partners’ presence in GIFT City not only strengthens our global connections but also highlights the city’s strategic advantages and business-friendly environment,” Ray said.

The collaboration is also viewed as a catalyst for further growth and innovation within the reinsurance sector, reinforcing GIFT City’s position as an inviting hub for international financial activities.

What are your thoughts on this story? Please feel free to share your comments below.