Allianz Partners becomes first foreign reinsurer to launch operations in GIFT City

France-based Allianz Partners on Thursday announced the launch of its IFSC Insurance Office (IIO Reinsurance Branch) in International Financial Services Centre (IFSC) GIFT City, Gandhinagar.

The company has become the first foreign reinsurer to open its office at IFSC, marking a significant milestone in its strategic expansion efforts in India.

The IIO is a reinsurance branch of AWP P&C SA, a group entity of Allianz Partners headquartered in Paris, that aims to transform the reinsurance landscape in India with its B2B offerings, the company said in a statement.

The establishment of the IIO Reinsurance Branch aligns with Allianz Partners' overarching business strategy, which aims to foster growth in the insurance sector and strengthen its presence in the Indian market, it said.

Additionally, it positions GIFT City as a prominent International Financial Center, Allianz Partners Managing Director (Asia Pacific, Middle East & Africa) Vinay Surana, said.

The branch aims to cater to diverse customer segments encompassing B2B, reinsurance, travel, and mobile device and digital risk, it said.

Situated within the GIFT City, Special Economic Zone (SEZ), the office leverages the benefits offered by the SEZ, including import-export advantages and tax exemptions, it said.

Speaking about the development, GIFT City MD Tapan Ray said this collaboration reinforces GIFT City's position as an attractive destination for international players, driving growth and innovation in the reinsurance sector.

"Allianz Partners' presence in GIFT City not only strengthens our global connections but also highlights the city's strategic advantages and business-friendly environment," Ray said.