Berkley IFSC Branch Becomes First Dual-Licensed P&C Insurer in GIFT City

Berkley Insurance Company’s IFSC branch received its approval from the International Financial Services Centres Authority in December 2024 and has now begun operating in GIFT City, as per news reports. 

The branch, part of Berkley Insurance Asia, is the first property and casualty insurer in the zone to hold both insurance and reinsurance licences. This allows it to issue policies to entities located in GIFT City or other special economic zones, while also taking on reinsurance work. 

Focus Areas for FY26 

For the current financial year, the company plans to work mainly in specialty lines. These include financial lines such as directors and officers cover and crime, along with cyber, casualty, professional indemnity, species insurance, and marine insurance. 

Berkley aims to expand its presence in specialty reinsurance by the end of FY26. Its operating structure is based on facultative reinsurance, a model already used by the company across Asia.  

Shift in Placement Tier 

With its GIFT City licence, Berkley moves from Tier IV to Tier II in India’s reinsurance placement order.  

This gives the branch a higher position when insurers place facultative risks and increases its access to domestic market opportunities. The shift also brings the company closer to other international reinsurers working within the IFSC framework. 

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Conclusion 

With dual licences and a focus on specialty reinsurance, Berkley’s IFSC branch enters the Indian market with a defined operational plan for FY26. 

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