Warren Buffet's Gen Re Life / Health opens office in Mumbai
03 June 2008
Providers of global reinsurance services Gen Re, one of the largest reinsurers globally, is opening a new liaison office for life / health reinsurance business in Mumbai.. In tha Asia Pacific Region Gen Re has offices in India, Hong Kong, China, Singapore, Taiwan, Japan and Korea.
A subsidiary of Warren Buffet's Berkshire Hathaway Inc, General Re Corporation is a holding company for global reinsurance and related operations. It owns General Reinsurance Corporation and holds a controlling interest in Kolnische Ruckversicherungs-Gesellschaft AG (the Cologne Re). Together, General Re and the Cologne Re conduct business as Gen Re.
Gen Re is one of the largest reinsurers worldwide. It is represented in all major reinsurance markets through a global network in more than 45 locations.
In November 2007, the Insurance Regulatory and Development Authority had granted Gen Re's operating company Cologne Reinsurance Company plc a license to operate a liaison office in Mumbai.
Gen Re held the official opening ceremony on 2 June 2008 at the Taj Mahal Hotel in Mumbai. At this event, several senior managers of the Indian life insurance industry came together with a group of Gen Re senior managers, led by Peter Lutke-Bornefeld, Chairman of Cologne Reinsurance Company.
Winfried Heinen, head of Gen Re's international life / health business and a member of Cologne Re's board of executive directors, said, "With India's economic success and more insurers entering the market, Gen Re sees excellent and sustainable business opportunities here."
Wolfgang Droste, head of Gen Re's life / health business in the AsiaPacific region, said, "The competition amongst life insurers will increase the pressure to develop new product ideas, particularly in the field of living assurance products, such as health-related plans offering long-term value to customers. India, together with China, is a key market in the overall strategy of Gen Re's market development in Asia and beyond."
"Gen Re's experience in adapting product and risk management solutions to local environments gives our clients strategic advantages to grow profitably," Droste added.