Echo Re launches first Indian branch in GIFT City to boost reinsurance growth
Echo Re, a global reinsurer owned by Germany's DEVK Group, has secured approval to open its first Indian branch office. The new location will be based in Gujarat International Finance Tec-City (GIFT City), a growing reinsurance hub. This move marks a deeper commitment to the Indian market after more than a decade of operations in the country.
The International Financial Services Centres Authority (IFSCA) granted Echo Re permission to establish its reinsurance branch in GIFT City. The company, which specialises in property & casualty (P&C) and specialty reinsurance, has steadily expanded its treaty reinsurance portfolio across India over the years.
The decision to set up a local office follows Echo Re's long-term engagement in the region. CEO Fabian Puetz described the step as significant, reinforcing the firm's strategic focus on India. Chief Underwriting Officer Paul Hertelendy also highlighted the country's role as one of the world's most dynamic growth markets and a key part of Echo Re's global portfolio.
Swapnil Soni, Regional Manager for the Indian Subcontinent at Echo Re, acknowledged the smooth licensing process with IFSCA. The new branch aims to strengthen client relationships while offering technical expertise and underwriting capacity to the local insurance sector. Echo Re currently operates only from its Swiss headquarters, making this its first international branch office.
The GIFT City branch will allow Echo Re to directly serve Indian clients and expand its reinsurance footprint. With a diversified portfolio already in place, the company plans to further solidify its position in the region. The office is expected to enhance collaboration with local insurers and support market growth.
