International General Insurance Holdings Ltd. (“IGI” or the “Company”) (NASDAQ: IGIC) today announced that it has secured registration approval from the International Financial Services Centres Authority (IFSCA) to operate an IFSCA Insurance Office (IIO) in India’s Gujarat International Finance Tec-City (“GIFT City”), India’s first and only operational international financial services centre. IGI’s India operation is a reinsurance branch of IGI’s UK subsidiary, International General Insurance Company (UK) Ltd.
IGI expects to open a branch office in GIFT City, build out its India team and begin operations later this year. This adds to IGI’s regional offices in Oslo, Malta, Dubai, Casablanca and Kuala Lumpur as well as its principal offices in Bermuda, London and Amman.
IGI President & CEO Waleed Jabsheh said, “This is a significant milestone for IGI as it expands our global footprint, strengthening our presence in the Indian sub-continent, and provides a long-term opportunity in one of the world’s fastest growing economies. This also furthers our diversification, and our strategy of having a physical presence in our key regions around the world. We look forward to building a strong local team and supporting both facultative and specialty treaty reinsurance clients in this fast-growing region.”
“GIFT City IFSC offers an innovative, well-regulated platform that opens up new opportunities for IGI to develop globally-integrated facultative and specialty treaty reinsurance capabilities in close collaboration with a vibrant ecosystem of cedants and brokers.”