Lloyd's of London says India reinsurance branch to open by April

[LONDON] Lloyd's of London said on Thursday it received final regulatory approval for its reinsurance branch in India and will open in time for April reinsurance renewals.

Lloyd's, the world's largest specialty insurance market, has been expanding in emerging markets to try and regain declining market share. "Lloyd's will help to share and develop expertise across the industry to position India as an international centre for insurance and reinsurance," chairman John Nelson said in a statement.

Lloyd's, one of the most vocal of City institutions in calling for access to Europe's single market following Brexit, is planning to make a decision by April on setting up a subsidiary in the European Union.

REUTERS