Fabian Pütz (PhD) Pütz, chief executive officer, commented, “The decision to operate in Gujarat International Finance Tec-City IFSC marks a significant step for Echo Re. It shows our great commitment to the Indian insurance market and provides a gateway to the wider Indian Subcontinent and beyond. Leveraging the local presence with the stablished capabilities in our Zurich-based office, we will aim to further strengthening our excellent relationships by providing our technical knowledge and underwriting capacity to the market.“
Zurich:Swiss reinsurer Echo Re on March 12 has received the approval from the International Financial Services Centres Authority (IFSCA) of India to open its reinsurance branch office in Gujarat International Finance Tec-City IFSC (GIFT City IFSC).
The establishment of Echo Re’s first branch office aims to strengthen the operational capacity in one of its key markets. Echo Re has a more than a decade-long footprint in the Indian insurance market, during which it has progressively increased its engagement, building a very solid and well diversified treaty reinsurance portfolio across P&C and Specialty lines.
Fabian Pütz (PhD) Pütz, chief executive officer, commented, “The decision to operate in Gujarat International Finance Tec-City IFSC marks a significant step for Echo Re. It shows our great commitment to the Indian insurance market and provides a gateway to the wider Indian Subcontinent and beyond. Leveraging the local presence with the stablished capabilities in our Zurich-based office, we will aim to further strengthening our excellent relationships by providing our technical knowledge and underwriting capacity to the market.“
Paul Hertelendy, chief underwriting Officer, noted, “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.”
“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” Swapnil Soni, regional manager, Indian Subcontinent, added.
About Echo Re Ltd.
Echo Re Ltd. is a Zurich-based reinsurer founded in 2008 as a wholly owned subsidiary of the German DEVK Group (Rating “A“ (stable) from both Standard & Poor’s and Fitch).
Echo Re serves clients in Asia-Pacific, the Middle East, Africa, Latin America, and the Caribbean with dedicated and extensive reinsurance know-how in P&C as well as Specialty Lines of Business such as Agriculture, Marine/Energy, Engineering, Affinity, Credit/Bond and Cyber.