Lloyd India eyes $10-mn business

The London-based specialised reinsurance major Lloyd's is looking at a USD 10-million topline from the first year of its operations in the country. The global reinsurer got the regulatory approvals in November 2016 and opened its shop here soon after and now it's two syndicates--MS Amlin and Markel-operating on the India platform. "We are expecting around USD 10 million business in India," Lloyd's India country manager and chief executive Shankar Garigiparthy told reporters here. The company is also in active talks with three to four syndicates here to expand its business. "Currently we have two syndicates and we are in active talks with three to four syndicates in India," he added. On the focus areas, he said they will focusing on title insurance, D&O (directors and officers liability insurance) and cyber security. "We are getting a lot of enquires on title insurance following the new Real Estate Act, in D&O liability (due to the new Companies Act) and also on cyber security," Garigiparthy said, adding the liability class is where we are seeing some enquiries coming in. Lloyd's Global chief executive Inga Beale said there is a lot to gain from the Indian insurance market. "We have ambitious plans for India, but we're starting off very small with only two syndicates. This is good as when we think of other platforms like in Singapore, where we had entered 17 years ago with just two and now it's thriving with 22 syndicates," she added.