Bajaj General Insurance & Swiss Re Partner for India Commercial

New Delhi, Aug 6 (PTI) Bajaj General Insurance and Swiss Re Corporate Solutions have signed an initial agreement to explore a commercial insurance partnership in India.

Both the entities have signed a memorandum of understanding to this effect.

The partnership would bring together Bajaj General Insurance's strong local market presence with Swiss Re Corporate Solutions' global risk knowledge and commercial insurance capabilities, a joint statement said on Thursday.

The ambition is to provide underwriting expertise in lines of business that are critical for the continued growth of the Indian economy, including high-tech and manufacturing sectors, and the partnership also intends to offer international insurance

programs for Indian companies operating abroad, it said.


"We aim to support Indian companies wherever they do business and help multinational organisations navigate risks effectively in India. As risks continue to evolve, our responsibility is to ensure businesses have the protection, resilience, and confidence they need to grow and succeed," Bajaj General Insurance MD & CEO Tapan Singhel said.

Subject to definitive agreements and applicable regulatory requirements, the partnership aims to leverage Swiss Re Corporate Solutions' International Programs platform and develop structured insurance solutions for the Indian market, it said.

Globally, Swiss Re Corporate Solutions provides a wide spectrum of risk solutions for businesses -- ranging from property insurance to specialist segments like Credit & Surety and including alternative risk transfer solutions like captives and parametric insurance.

It is the commercial insurance arm of Swiss Re Group, one of the world's leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, it said.

Headquartered in Zurich, Switzerland, where it was founded in 1863, the Group operates through a network of around 70 offices globally, including Mumbai, Bengaluru and Hyderabad.

"We are exploring new ways to better serve corporate clients in this dynamic market with Bajaj General Insurance. Together, we can build on our complementary strengths, broaden the solutions we bring to market and help businesses navigate an increasingly interconnected risk landscape with confidence and resilience," Swiss Re Corporate Solutions CEO Ivan Gonzalez said.