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Lloyd's names country manager for India

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Lloyd’s of London on Friday named Shankar Garigiparthy to the newly formed role of country manager for India.

Mr. Garigiparthy was most recently regional compliance manager for Lloyd’s based in Singapore, according to a Lloyd’s statement.

As country manager based in Mumbai, India, he will be responsible for market development, representing Lloyd’s in discussions with regulators and building business relationships as Lloyd’s seeks to grow its presence in India, according to the statement.

Arun Agarwal, Lloyd’s general representative in India, will continue to provide guidance and counsel to Lloyd’s, according to the statement.

“India is an important part of Lloyd’s international Vision 2025 strategy to increase our support for the world’s fastest growing countries. Shankar’s extensive experience in Asia, the Middle East and Europe make him the ideal person to lead the development of Lloyd’s presence in India and help to guide our support of the Indian insurance market,” Vincent Vandendael, director of global markets for Lloyd’s, said in the statement.

India has long been seen by foreign insurers and reinsurers as a potential growth market. Earlier this week, Indian insurance authorities gave initial regulatory approval for four global reinsurers to operate in the country.