Zurich-based reinsurer Echo Re has received approval from the International Financial Services Centres Authority (IFSCA) of India to establish a reinsurance branch office in Gujarat International Finance Tec-City (GIFT City), strengthening its operational capacity in one of its key markets.
Echo Re explained that it has maintained a presence in the Indian insurance market for more than a decade.
During that time, the firm has progressively expanded its engagement and built a “well-diversified” treaty reinsurance portfolio across P&C and specialty lines.
Fabian Pütz, CEO of Echo Re, said the decision marks a significant step, further demonstrating its commitment to the Indian insurance market and providing a gateway to the wider subcontinent and beyond.
Pütz continued, “Leveraging the local presence with the established capabilities in our Zurich-based office, we will aim to further strengthen our excellent relationships by providing our technical knowledge and underwriting capacity to the market.”
Paul Hertelendy, Chief Underwriting Officer of Echo Re, added, “Echo Re has been active in the Indian market for more than a decade and has established strong relationships as a cross‑border reinsurer.
“The inauguration of our first branch office in GIFT City IFSC reinforces our strategic view of India as one of the world’s most dynamic growth markets.
“India already represents a central pillar of our portfolio, and we look forward to further strengthening our position in the years ahead.”
Swapnil Soni, Regional Manager Indian Subcontinent at Echo Re, noted, “We wish to express our profound appreciation for the exemplary cooperation extended by the IFSCA, which was instrumental in facilitating a smooth and efficient completion of the licensing process.
“The robust regulatory framework in place constitutes an essential instrument in advancing India’s objective of broadening insurance penetration across all segments of society.
“With GIFT City quickly developing as a reinsurance hub, we are pleased to access our clients’ business from there and to further strengthen our presence in the region.”
Echo Re is a wholly owned subsidiary of Germany’s DEVK Group, providing P&C and specialty reinsurance to clients across Asia-Pacific, the Middle East, Africa, Latin America and the Caribbean.
