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Insurer and reinsurer XL Catlin has applied for reinsurance license in India, reports Business Standard.
XL Catlin said that it has started the licensing process to set up a reinsurance branch in the country. XL Catlin said it expects to start its Indian operations in late 2016. The Indian market "needs a reinsurer with global scale and technical capabilities, with underwriters based locally who understand the risks and can offer breadth of product," XL Catlin's chief executive of reinsurance Greg Hendrick said.