Starr Authorised to Offer Re: Global insurance and investment giant Starr Insurance Companies has announced a significant milestone in its international growth strategy with the establishment of a new branch office in India’s premier financial hub — the Gujarat International Finance Tec-City (GIFT City). The company has received official registration from the International Financial Services Centres Authority (IFSCA), authorizing it to conduct both general insurance and reinsurance business through its newly formed IFSC Branch.
New Branch Authorised to Offer General and Reinsurance Business
The newly registered IFSC Branch in GIFT City is authorised to conduct both general insurance and reinsurance operations, a dual mandate that will enable Starr to collaborate more closely with local insurers and brokers. This license opens up opportunities for Starr to underwrite specialty and large-scale risks across India and neighbouring markets, leveraging its international expertise in complex sectors such as energy, infrastructure, aviation, and marine. This approach underscores Starr’s intention to enhance the technical capabilities of India’s insurance market while offering robust reinsurance support to local carriers.
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Leadership Appointment: Raviganesh Madhavan to Lead IFSC Branch
To lead its new Indian operations, Starr has appointed Raviganesh Madhavan as the Principal Officer of the IFSC Branch. Madhavan brings nearly two decades of underwriting experience, specializing in risk assessment and portfolio management across the onshore energy, power, and property sectors.
Madhavan’s Extensive Industry Background
- Joined Starr Insurance in August 2023 as Senior Underwriter, managing downstream energy, power, property, and construction portfolios across India, Malaysia, and the Middle East.
- Previously served as Underwriter for Syndicate & International Property, Power, Renewables, and Mining at Lloyd’s Syndicate 2880.
- Spent 13 years at Swiss Re, one of the world’s leading reinsurers, in multiple underwriting roles focused on global property and energy risks.
Strategic Significance of GIFT City Expansion
GIFT City has emerged as a strategic international financial services hub, attracting global insurers, reinsurers, and financial institutions seeking access to India’s dynamic market and regional trade opportunities. By operating from GIFT City, Starr gains access to a favorable regulatory framework, tax benefits, and proximity to major Indian and global clients — positioning itself as a leading partner for complex risk underwriting in the region.
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FAQ’s
1. What is Starr Insurance’s new authorization in GIFT City?
Starr Insurance has received official registration from the International Financial Services Centres Authority (IFSCA) to establish a branch office in GIFT City, India. The new branch is authorised to conduct both general insurance and reinsurance business, expanding Starr’s footprint in the Indian financial market.
