International General Insurance Holdings Ltd. (IGI) has obtained regulatory clearance to establish a reinsurance presence in India, following approval from the International Financial Services Centres Authority (IFSCA) to open an IFSCA Insurance Office (IIO) in Gujarat International Finance Tec-City (GIFT City). The India operation will run as a reinsurance branch under IGI’s UK subsidiary, International General Insurance Company (UK) Ltd. The company has indicated it will open a branch office, recruit a local team, and commence operations within 2026. GIFT City, located in Gujarat, is India’s only operational international financial services centre. The new office extends IGI’s geographic reach beyond its existing regional locations in Oslo, Malta, Dubai, Casablanca, and Kuala Lumpur, and its principal offices in Bermuda, London, and Amman.

What the GIFT City license covers

The IFSCA registration allows IGI to conduct reinsurance business within GIFT City’s regulated international financial services environment. The branch will focus on facultative and specialty treaty reinsurance, serving cedants and brokers operating in the Indian market. IGI president and CEO Waleed Jabsheh framed the approval within the company’s broader geographic diversification strategy. “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,” Jabsheh said.

On the regulatory conditions at GIFT City specifically, Jabsheh added: “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.” IGI’s underwriting portfolio covers energy, property, general aviation, construction and engineering, ports and terminals, marine cargo, marine trades, contingency, political violence, financial institutions, general third-party liability, legal expenses, professional indemnity, directors and officers liability, marine liability, and reinsurance treaty business. The company carries an “A” (Excellent)/Stable rating from AM Best and an “A” (Strong)/Stable rating from S&P Global Ratings.

India’s reinsurance demand in context

The timing of IGI’s entry aligns with a period of expansion in the Indian general insurance sector. According to GlobalData’s Insurance Database, the industry is forecast to grow at a 10.0% compound annual growth rate between 2026 and 2030, moving from INR3.6 trillion (US$43.4 billion) to INR5.4 trillion (US$62.2 billion) in gross written premium (GWP) over that period. Premium growth reached an estimated 8.5% in 2025, though GlobalData projects a moderation to 5.1% in 2026, attributing the slowdown to a normalization effect following a goods and services tax (GST)-related surge and adjustments tied to accounting changes. Growth is projected to pick up again from 2027 onward.

Motor and health insurance together made up 72.6% of general insurance premiums in 2025, according to GlobalData, reflecting the weight these two lines carry in driving overall market expansion. Structural changes in the regulatory environment – including provisions for 100% foreign direct investment and an expanded mandate for the Insurance Regulatory and Development Authority (IRDAI) – are expected to draw external capital into the sector and widen the scope for product development.

IGI’s position as it enters the market

Founded in 2001 and headquartered in Bermuda, IGI has built its business around specialty commercial risks across multiple international markets. The GIFT City branch represents the company’s first foothold in the Indian subcontinent. Operations are expected to begin later in 2026, pending the completion of office setup and local hiring.