The Hindu Business Line : Flagstone Reinsurance Scouting for partners

Hyderabad, Aug 14 Bermuda-based Flagstone Reinsurance Holdings Ltd is planning to foray into the Indian general insurance market by partnering with a financial services provider. It plans an initial investment of $30 million.

The $1.6-billion, New York Stock Exchange-listed company is in the process of scouting for partners for the proposed foray.

“We are in talks with several companies. We will be partnering with a financial services provider with a strong base in distribution,” Mr Mark Byrne, Chairman, Flagstone, told newspersons after inauguration of its first Indian facility here on Thursday.

The focus of the proposed joint venture, which is likely to be operational before a year from now, would be on major infrastructure projects, he said. On the re-insurance front, the company is targeting at least 2 per cent of market share and has invested $30 million in reinsurance here so far. “The reinsurance market is valued at 1 per cent of India’s GDP. General Insurance Corporation has over 10 per cent share in this. What we want is 1-2 per cent share,” he said.

Facility

The Hyderabad facility set up with an investment of Rs 65 crore would house 750 professionals who extend analytical support to Flagstone’s underwriting operations in 11 countries. “Actually, this will be a front office for our global operations, besides being a hub for Indian operations.” he said. Flagstone, which has been in India for the last two and a half years, currently employs 120 in India. It plans to hire over 600 in the next two years.

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