Berkley Insurance has begun operating in India through the launch of its International Financial Services Centre (IFSC) branch in GIFT City.
In a media release, Berkley said it officially commenced operations in India last week, following the approval of its license from the International Financial Services Centres Authority (IFSCA) in December 2024.
The commencement of these operations makes Berkley the first property and casualty insurer to hold both insurance and reinsurance licences, according to an announcement from GIFT City.
Speaking on its ambitions in the country, Berkley said: “India is one of the world’s most dynamic and fast-growing insurance markets, with rising demand for specialised risk solutions,” adding that the business is aligned with India’s “ambition to become a global centre for reinsurance.”
Alongside business lines such as cyber, casualty, financial lines, professional indemnity, and specie insurance, Berkley said it is looking to deliver “fit-for-purpose solutions” for high-growth, specialty sectors. These include pharmaceuticals, chemicals, technology, and infrastructure.
“India is at an inflection point in its insurance and reinsurance journey and the pace of transformation is extraordinary,” Unnati Bajpai, CEO and principal officer for India, said. She added that the company aims to offer “products built for India’s needs” while maintaining a disciplined underwriting focus.
“We have been underwriting Indian risks from Singapore for many years,” Shasi Nair, CEO for Asia, said. “The time is now right to be closer to decision-makers, distribution partners and the opportunities emerging across the subcontinent.”
“Our ambition is to build a balanced portfolio that supports India’s growth story and contributes meaningfully to the development of its specialty insurance ecosystem,” Nair added.
Berkley Insurance Asia’s India team includes Bajpai, chief underwriting officer Ashaya Rajesh Kantawala, business support manager Bhumika Dave, and finance manager Harsh Jain.
