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Swiss Re receives branch license to sell reinsurance in India

Reuters
The logo of Swiss insurer Swiss Re is seen in front of its headquarters in Zurich, Switzerland, September 23, 2015. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) - Swiss Re has obtained regulatory approval to open a branch in India, the world's second largest reinsurer said on Monday, part of the Swiss company's growth aspirations in the world's second most populous country.

The branch, which opens operations on Feb. 1 in Mumbai, has been licensed to sell non-life, life and health reinsurance solutions directly to clients and brokers in India, the Swiss reinsurer said.

"This is a significant milestone for us," Swiss Re's head of reinsurance in Asia, Jayne Plunkett, said in a statement. "Our new India branch, together with Swiss Re Global Business Solutions centered in Bangalore, represent our commitment and investment in India's long term future, and our ambition to be part of this dynamic high growth market."

(Reporting by Brenna Hughes Neghaiwi)