Global reinsurance firms from Spain, UK & Singapore queue up to enter Gift City
2 min readLeading global reinsurance firms from Spain, the UK, and Singapore are preparing to establish operations at India’s International Financial Services Centre (IFSC) in GIFT City, reflecting heightened global confidence in the country’s reinsurance sector regulated by the International Financial Services Centres Authority (IFSCA).
Recent applications submitted to the IFSCA reveal Madrid-based Mapfre Re Compania De Reaseguros SA—the reinsurance division of Spain’s MAPFRE Group, a top global player in over 100 countries—sought approval in December 2025 to register as an Insurance Office (IIO) under IFSCA’s 2021 regulatory framework. Concurrently, UK specialty insurer C&C Insurance Group applied to operate through C&C RE IFSC Private Limited as an IIO, targeting niche and structured reinsurance solutions. Separately, Singapore’s Partner Reinsurance Asia Pte Ltd, the Asian arm of multinational reinsurer PartnerRe, also filed to establish reinsurance operations in the IFSC.
The IFSCA’s regulatory model permits foreign entities to conduct cross-border insurance and reinsurance business in foreign currencies from GIFT City, positioning it as a strategic rival to hubs like Singapore, Dubai, and London. This framework aligns with India’s broader initiative to attract international financial activities and reduce offshore reinsurance dependency.
The expansion momentum is evidenced by new entrants from diverse markets: Seoul-based Korean Reinsurance Company secured IFSCA authorization for its IFSC branch in late 2025, while Saudi Arabia’s standalone reinsurer Saudi Reinsurance Company, Abu Dhabi National Insurance Company (ADNIC), and Kazakhstan’s prominent insurer Eurasia Insurance Company JSC previously applied to establish GIFT City operations.
Market activity reflects this growing interest, with GIFT IFSC’s Q2 FY25-26 reinsurance gross written premiums surging nearly four-fold year-over-year to $199.52 million, compared to $51.75 million in the same period last year.
Under IFSCA’s 2021 regulations, approved IIOs may conduct life, general, and reinsurance activities while meeting capital and compliance requirements, further enabling India’s ambition to become a global reinsurance nexus.
Published on January 1, 2026
