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MS Amlin and Markel International, two of the world’s leading insurers, have entered the Indian market to write re-insurance business.
Amlin is the re-insurance partner (along with GIC Re) of New India Assurance Co for its newly-launched and India’s first protection and indemnity (P&I) cover for Indian-registered ships that ply on local routes. P&I insurance deals with third-party liabilities, which include a carrier’s liability to the owner of the cargo for damages, the liability of a ship after a collision, and environmental pollution.
Premium cover
Amlin holds the second spot globally in the fixed premium P&I cover and insures more than 5,000 ships worldwide. It is a part of the global top 10 insurance group MS&AD, with operations in the United Kingdom.
The fixed premium P&I cover of New India Assurance has a limit of $5 million (₹33 crore) per vessel. Amlin will underwrite the risk on a “case-to-case” basis ranging from 40 to 60 per cent, a person briefed on the arrangement, said.
While the initial set of P&I cover has been issued with Amlin and GIC Re as the re-insurer, New India Assurance could partner with other global re-insurers also, going forward, the person said.
Specialist insurer Markel International has secured a licence from the Insurance Regulatory and Development Authority of India to write reinsurance business. Capacity will be provided by Markel’s Syndicate 3000 at Lloyd’s and written through the Lloyd’s India platform.
Markel India will provide treaty and facultative reinsurance to local Indian insurers, in a broad range of commercial classes. It will initially focus on marine, energy, contingency, professional and financial risks.
Markel International Limited is a subsidiary of Markel Corporation, a US-based holding company that trades on the New York Stock Exchange. Markel International writes insurance and reinsurance business through four divisions and through offices across the UK, Europe, Canada, Latin America and Asia Pacific.
“We think there will be a strong level of demand from Indian insurers for the sort of specialty products and expertise that we can now deliver locally. Our plans in India can now start to be realised,” said William Stovin, President of Markel International.
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