It’s the first overseas reinsurer in nation’s GIFT Metropolis
Allianz Companions has unveiled its new IFSC Insurance coverage Workplace (IIO Reinsurance Department) within the Worldwide Monetary Providers Centre (IFSC) at GIFT Metropolis, Gandhinagar, India.
It means Allianz Companions is the inaugural overseas reinsurer to determine a presence in IFSC – one thing the agency described as pivotal to its growth within the area.
The IIO operates as a reinsurance department of AWP P&C SA, a Paris-headquartered group entity of Allianz Companions, with a concentrate on revolutionizing the reinsurance area in India by means of its B2B companies.
As per an Financial Instances report, the initiative can also be in keeping with Allianz Companions’ broader enterprise goals to stimulate progress within the insurance coverage sector and to consolidate its footprint within the Indian market.
Vinay Surana, Allianz Companions managing director for the Asia Pacific, Center East & Africa areas, commented on the strategic significance of this growth. He famous that the institution of the IIO Reinsurance Department not solely aligns with its progress ambitions but additionally accentuates GIFT Metropolis’s stature as a number one Worldwide Monetary Heart.
The newly inaugurated department will serve a wide selection of buyer segments, together with B2B, reinsurance, journey, and cell system and digital threat administration. Positioned throughout the GIFT Metropolis Particular Financial Zone (SEZ), the workplace advantages from the SEZ’s incentives, akin to import-export privileges and tax exemptions.
Tapan Ray, managing director of GIFT Metropolis, mirrored on the importance of Allianz Companions’ entry into the market, emphasizing the way it amplifies GIFT Metropolis’s attraction to international entities.
“Allianz Companions’ presence in GIFT Metropolis not solely strengthens our international connections but additionally highlights town’s strategic benefits and business-friendly atmosphere,” Ray stated.
The collaboration can also be considered as a catalyst for additional progress and innovation throughout the reinsurance sector, reinforcing GIFT Metropolis’s place as an inviting hub for worldwide monetary actions.
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