By Venkatachari Jagannathan
The UK-headquartered global insurance marketplace for primary insurance and reinsurance Lloyd’s has strengthened its multinational offering by entering into an agreement with ICICI Lombard General Insurance Company Ltd.
Under the agreement, ICICI Lombard will act as Lloyd’s India partner and issue local policies on behalf of Lloyd’s managing agents for selected lines of business.
Managing agents can request local policies through Lloyd’s multinational team, which will coordinate directly with ICICI Lombard to produce the required documentation.
Expanding multinational capabilities
Lloyd’s said its oversight on policy issuance, premium collection, claims handling and overall performance will continue under the arrangement, with no additional cost to managing agents.
According to the company, the partnership further strengthens its established global footprint, which already enables the delivery of multinational programmes and local policies across more than 80 territories, alongside reinsurance capabilities spanning over 200 countries and territories.
Together, these capabilities provide a coherent framework for servicing clients with international operations.
Access to a key growth market
Lloyd’s said the agreement offers market participants enhanced access to the Indian market through a trusted local partner, supported by competitive rates and the strength of Lloyd’s global infrastructure and expertise.
The company noted that its multinational capabilities provide a straightforward, globally consistent and compliant way to serve customers wherever they operate.
Policyholders can benefit from consistent insurance coverage across multiple territories and classes of business, without the need to arrange separate local policy placements in most cases, Lloyd’s added.
(Venkatachari Jagannathan can be reached at venkatacharijagannathan@gmail.com)