Swiss Re shifts India and Mexico growth to local partners

The India arrangement will target sectors including high technology and manufacturing.

Swiss Re Corporate Solutions is forming exclusive partnerships with Bajaj General Insurance in India and GNP Seguros in Mexico as it looks to expand its support for large companies in the two markets, including businesses growing their international operations.

In India, the partnership with Bajaj General Insurance will focus on providing underwriting expertise for sectors including high technology and manufacturing. 

It will also offer international insurance programmes for Indian companies operating overseas.

The partnership is subject to definitive agreements and applicable regulatory requirements.

In Mexico, Swiss Re Corporate Solutions plans to transfer its direct commercial insurance portfolio to GNP Seguros, subject to regulatory approvals. 

The move is part of a long-term partnership under which Swiss Re Corporate Solutions will continue serving clients in Mexico through GNP Seguros' distribution network.

The arrangement combines GNP Seguros' local market presence with Swiss Re Corporate Solutions' global risk expertise and commercial insurance capabilities, the companies said.

The partnerships will also support global companies with operations in India and Mexico, as well as local companies expanding internationally.

“Multinational corporations increasingly expect insurers to combine deep local market expertise with global capabilities and seamless international execution,” said Ivan Gonzalez, CEO of Swiss Re Corporate Solutions.

“By working with local insurers, we can build on our underwriting expertise, capital strength and global reach to better support our corporate clients whilst creating a scalable platform for long-term growth,” he said.