R-ADAG, ICICI Bank plan Lloyd’s syndicates

Mumbai, January 7 : India Inc is going global with gusto in the insurance market as well. For the first time ever, two Indian entities — Reliance Anil Dhirubhai Ambani Group (R-ADAG) and ICICI Bank — are planning to set up syndicates in London’s Lloyd’s market, one of the largest reinsurance markets in the world.

Underwriting members of Lloyd’s — collectively referred to as the Lloyd’s market — write business through syndicates and together form one of the world’s largest specialist commercial insurers and reinsurers, reporting gross written premiums (including brokerage) of £16.4 billion in 2006. In the same year, the capital and reserves supporting the Lloyd’s market (including the net resources of Lloyd’s) were £13.3 billion.

Both R-ADAG and ICICI Bank already have two insurance companies, each in life and general insurance, which are performing well in the country.

Sources at Lloyd’s say the preliminary round of preparation by both companies is already on and they have posted representatives on behalf of their companies in London. Both the companies have confirmed opening their representative offices in London.

While R-ADAG spokesperson explained that a representative on behalf of Reliance General Insurance is posted there to look after the reinsurance business, ICICI Lombard General Insurance sources said the company’s representative would oversee the bancassurance needs of ICICI Bank in London.

Sources point out that setting up syndicates will be a long drawn-out process and many technical procedures have to be cleared before Lloyd’s permits these two Indian companies to enter its market.

New umbrella

•Lloyd’s market is amongst the world’s largest reinsurance markets

• Underwriting members of Lloyd’s write business through syndicates

• Both the companies have opened their representative offices in London

•ADAG’s representative will look after the reinsurance business

• ICICI Lombard General Insurance’s representative would oversee the bancassurance needs of ICICI Bank in London.

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