Reinsurance Group of America (RGA) on Friday said the Insurance Regulatory and Development Authority of India has approved its ‘R3’ application and granted Certificate of Registration to set up a branch in India.

Since 2001, RGA has been operating in India as a Foreign Reinsurer through its Irish entity.

The branch that is being set up in Mumbai will be a branch of the Canadian entity of RGA, RGA Life Reinsurance Company of Canada.

The company, in a statement, said it is working actively with its clients in developing products in the “online protection” and “critical illness” space, providing tailor-made reinsurance solutions.

RGA has 23 life insurance companies, including LIC, as its clients in India, and five life insurance companies as clients in Sri Lanka, it added.

‘Long-term commitment’

Thomas Mathew, MD and CEO, RGA Services India Private Limited, said RGA has a long-term commitment to Indian insurance market, and is keen to provide continued service to its clients.

“With the branch licence, RGA will become a regulated legal entity in India and will be able to give better, faster and efficient services to its clients.

“RGA believes the Indian insurance market has tremendous potential to grow and that RGA will be able to support this growth through innovative products in life and health insurance solutions,” said Mathew.

RGA is a US-based Fortune 500 company specialising in life and health reinsurance, and has clients in over 60 countries. In 2015, it had a total revenue of $10.4 billion and assets of $50.4 billion.

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