Berns Brett Ltd.’s joint venture in India has been granted a composite insurance broking licence from the Indian Regulator. Berns Brett India Insurance Broking Pvt Ltd will transact both Insurance and Reinsurance business from offices in Delhi and Mumbai.
The licence provides Berns Brett (BBi) with direct access to the largest non-life insurance market in the region where the broking sector is still in the early stages of development and potential for further growth is strong.
BBi Group CEO, Andy Wales, commented; “India is a large and expanding economy. There are not many insurance brokers that hold a composite license and BBi can really add value and differentiate in this market. The Indian business will also compliment our Lloyd’s and London Market operation, and will be an important addition to our international business that includes Abu Dhabi, Dubai and Ireland”.
BBi’s Anglo-Indian management team will initially focus on mid market and large business risks in the property and engineering sectors but also see potential to develop the nascent employee benefits sector where product innovation is currently low and poorly serviced.