Andreas Berger, Group CEO, Swiss Re
The plan is to provide underwriting expertise in lines of business that are critical for the continued growth of the Indian economy, including high-tech and manufacturing sectors. The partnership also intends to offer international insurance programs for Indian companies operating abroad.
Mumbai:Swiss Re, the second largest global reinsurer has established exclusive partnerships with Bajaj General Insurance, on of the top five general insurers, in India.
The partnerships will provide insurance solutions to the growing number of large Indian – many of which are expanding internationally – while also supporting global clients with operations in India.
The choice of Bajaj General Insurance by Swiss Re is much due to the fact that Andreas Berger, Group CEO, Swiss Re, knows the company well while working previously with Allianz with whom Bajaj earlier had two insurance joint ventures in life and non-life segments.
“We will have only one exclusive tie-up with Bajaj General Insurance and are not looking for any other Indian companies for such partnership in Indian market,” Berger had told Asia Insurance Post in Monte Carlo..
India is currently a key growth market for Swiss Re.which has been operating in the country for more than over 163 years.
In line with its importance of Indian market, Swiss Re had held one of its global board meeting in Bengaluru during 2025.
The exclusive partnership will only deal with treaty business of Bajaj General Insurance.
The plan is to provide Swiss Re’s underwriting expertise in lines of business that are critical for the continued growth of the Indian economy, including high-tech and manufacturing sectors. The partnership also intends to offer international insurance programs for Indian companies operating abroad.
Ivan Gonzalez, CEO Swiss Re Corporate Solutions,who is visiting Mumbai along with Berger to sign the agreement with Bajaj General Insurance, said, “Multinational corporations increasingly expect insurers to combine deep local market expertise with global capabilities and seamless international execution. By working with local insurers, we can build on our underwriting expertise, capital strength and global reach to better support our corporate clients while creating a scalable platform for long-term growth.”
Other reinsurance multinationals have also similar partnerships in Indian market.
Global reinsurer Munich Re has an Indian joint venture, HDFC Ergo General Insurance, through its 100 per cent subsidiary Ergo.
“We will not require any other exclusive partnership as we have already a joint venture(JV) with HDFC Bank in India,”said Munich Re sources.
Recently, Lloyd’s of London strengthened its multinational offering by signing a new agreement with ICICI Lombard General Insurance, the second largest general insurer, to act as its local partner in India.
Under this new agreement, ICICI Lombard will issue local policies on behalf of managing agents for selected lines of business. Managing agents can request local policies through the Multinational team, who will coordinate directly with ICICI Lombard to produce the required documentation.
Lloyd’s oversight on general performance, premium collection, claims handling and policy issuance will apply, with no additional cost to managing agents.
This development offers Lloyd’s market participants enhanced access to a key market, supported by a trusted local partner, competitive rates, and the strength of Lloyd’s global infrastructure and expertise.
This partnership adds to Lloyd’s established global footprint, which already enables the delivery of multinational programmes and local policies in more than 80 territories, alongside reinsurance capabilities spanning over 200 countries and territories. Together, these capabilities offer a coherent framework for servicing clients with international operations.