PartnerRe has received regulatory approval to open a branch office in GIFT City, Gujarat, marking the Bermuda-based reinsurance group's first direct entry into India.
The branch will operate under PartnerRe's Asia-Pacific business, led by James Beedle, CEO of Partner Reinsurance Asia Pte. Ltd.
The move comes as India's insurance market - estimated at US$129.78 billion and ranked the world's tenth largest - enters a period of rapid expansion. Swiss Re has forecast that the market will grow at an annual rate of 6.9% from 2026 to 2030 in real terms, outpacing both China and the United States.
India's parliament in December 2025 also passed legislation raising the foreign direct investment cap in insurance from 74% to 100%, a reform that took effect in February 2026.
GIFT City has emerged as a magnet for global reinsurers, drawn by a unified regulatory framework under the IFSCA - which consolidates the powers of four domestic regulators - and a 10-year income tax holiday. Foreign reinsurers operating in the zone can also follow home-country solvency norms rather than India's domestic 150% minimum requirement.
Around 14 global reinsurers now operate from GIFT City, managing annualized premiums of US$700 million to US$800 million. The zone hosts roughly 35 insurers, reinsurers, and intermediaries in total, with regulatory officials estimating the number of global reinsurers could reach 20 by March 2026.
Recent entrants include Saudi Re, Korean Re, Peak Re, and Kuwait Re, while Lloyd's of London, Samsung Re, and Mapfre Re were among those seeking or expected to seek IFSCA approval, Reuters reported.
IFSCA executive director Dipesh Shah told Reuters that the zone was "seeing growing interest from global reinsurers in the GIFT IFSC opportunity."
PartnerRe, owned by French mutual insurer Covea since its US$9.3 billion acquisition from Exor in 2022, has long maintained an Asia-Pacific presence spanning Singapore, China, Hong Kong, Australia, and New Zealand. The GIFT City branch represents its first foray into India.
Beedle, who joined PartnerRe in 2017 after senior roles at Willis Re across Asia-Pacific, was also recently appointed chair of the Singapore Reinsurers' Association in late February 2026, succeeding Kenrick Law of Allianz SE.
He described the new branch as a milestone in the company's commitment to the region.
"With our experienced local team and global resources, we look forward to building lasting partnerships and supporting our clients' growth," Beedle said.
For the year ended December 31, 2024, PartnerRe reported total revenues of US$9.1 billion. As of June 30, 2025, its total assets stood at US$35 billion, with total shareholders' equity of US$9.6 billion.
