Allianz Group and Jio Financial Services Limited (JFSL) on Thursday named Sonia Rawal as chief executive officer of their newly launched reinsurance joint venture, Allianz Jio Re Limited.
In a joint media release, the businesses also confirmed they had received regulatory approval to begin underwriting in the country, as previously reported by (Re)in Asia. The development pairs JFSL’s local market presence and digital capabilities with Allianz’s global reinsurance platform. The Mumbai-based reinsurer will underwrite life and non-life reinsurance, covering both treaty and facultative business, with immediate effect, the businesses said.
Allianz Re’s existing facultative portfolio in India, currently managed by Allianz Commercial and Allianz Global Corporate & Specialty (AGCS), will transfer to Allianz Jio Re in phases to ensure “uninterrupted service, continuity of coverage and consistent relationship management,” the companies said.
Rawal has been with Allianz for nearly a decade and joins from Allianz Re in Singapore, where she was responsible for India and ASEAN markets.
“With Sonia leading this business, joined by several other colleagues from Allianz, we will have a very strong team of experts with local market knowledge from day one,” said Holger Tewes-Kampelmann, CEO of Allianz Re and member of the Board of Directors at Allianz Jio Re. “I am also very much looking forward to being part of this and working with the team under Sonia’s leadership, our joint venture partner and our Indian clients.”
