IGI gains regulatory approval for GIFT City reinsurance office

International General Insurance (IGI) has secured regulatory approval from the International Financial Services Centres Authority (IFSCA) to establish an insurance office within Gujarat International Finance Tec-City (GIFT City) in India. The new unit will operate as a reinsurance branch of IGI’s UK subsidiary, International General Insurance Company (UK), rather than as a standalone Indian entity.

The group plans to launch the branch, hire locally, and commence business operations later this year. This expansion integrates into IGI’s existing regional network, which includes offices in Oslo, Malta, Dubai, Casablanca, and Kuala Lumpur, alongside its main offices in Bermuda, London, and Amman.

IGI president and CEO Waleed Jabsheh described the move as a significant milestone for the company’s global footprint. He stated that the expansion strengthens the insurer’s presence in the Indian sub-continent and provides a long-term opportunity in one of the world’s fastest-growing economies. The CEO noted that the move furthers the company’s diversification strategy and its commitment to maintaining a physical presence in key regions.

GIFT City is described by IGI as an innovative, well-regulated platform for global integrated reinsurance capabilities. The company intends to utilise the location to develop globally integrated facultative and specialty treaty reinsurance capabilities, collaborating with a vibrant ecosystem of cedants and brokers in the region.

Founded in 2001, IGI specialises in specialty commercial insurance and reinsurance. Its portfolio covers construction and engineering, energy, general aviation, marine cargo, ports and terminals, and property. The company also provides coverage for contingency, directors and officers (D&O), financial institutions, general third-party liability, legal expenses, marine liability, marine trades, political violence, professional indemnity, and treaty reinsurance.

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