Saudi Reinsurance Company (Saudi Re) has launched its India branch at Gujarat International Finance Tech City (Gift City), a business district designated as a global hub for financial and IT services. The firm has secured approvals from Saudi Arabia’s Ins. Authority and India’s International Financial Services Centres Authority (IFSC), according to an exchange filing.

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India is among Saudi Re’s largest overseas markets, counting USD 39 mn in premiums across various segments. It has operated in India for over a decade via its Riyadh HQ and now seeks to expand its regional operations through Gift city.

Why this matters: New Indian ins. regulations now favor international branches established within Gift City over cross-border reinsurers. By moving onshore, Saudi Re gains a 10-year tax holiday and lower capital requirements, allowing it to price risk more competitively in a market that CEO Ahmed Al-Jabr calls a “key growth engine.”

There are now 13 international reinsurers in Gift City, with 10 more expected by March 2026. Abu Dhabi National Ins. Company and Kuwait Reinsurance Company are among other firms lining up for Gift city. Doha Ins. Group secured approvals to open a branch in 2024.

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