The Hindu : Business : Flagstone Reinsurance plans India foray

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Friday, Aug 15, 2008
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Flagstone Reinsurance plans India foray

Special Correspondent

To focus on property insurance
To invest $30 million initially

HYDERABAD: Flagstone Reinsurance Holdings Ltd, a NYSE-listed reinsurance company, is proposing to enter the primary insurance market in India within a year.

Mark Byrne, Chairman, said at a press conference here on Thursday that the company was on the look-out for suitable partners with good distribution network. “We will join the joint venture either as a 49 per cent partner or with just 26 per cent,” he said. The initial investment could be $30 million.

The company’s reinsurance exposure in the Indian market was also $30 million and it was planning to scale it up manifold. The Bermuda-based $1.6-billion company would focus on property insurance, for instance large infrastructure projects, in India.

Opens office

The company was already into primary insurance, especially ‘property catastrophe’, in several countries.

The company opened its 1.50 lakh sq. ft. multi-storeyed building in the financial district near Gachibowli here built at a cost of Rs. 65 crore. The company’s Indian arm, Flagstone Underwriting Support Services (India) Pvt. Ltd, which at present employs 120 people, would operate from here. Pre-underwriting analysis, underwriting and IT services for the company’s overseas operations for 11 countries would be taken up from here.

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