Bajaj General Insurance (formerly Bajaj Allianz General Insurance Company) and Swiss Re Corporate Solutions have signed a memorandum of understanding (MoU) to explore a commercial insurance partnership in India.

The partnership, subject to definitive agreements and applicable regulatory requirements, aims to leverage Swiss Re Corporate Solutions’ international programmes platform and develop structured insurance solutions for the Indian market.

The plan is to provide underwriting expertise in lines of business that are critical for the Indian economy, including high-tech and manufacturing sectors. It is also proposed to offer international insurance programmes for Indian companies operating abroad.

“India is the fastest-growing major commercial insurance market in the world and we are exploring new ways to better serve corporate clients in this dynamic market with Bajaj General Insurance,” Swiss Re Corporate Solutions CEO Ivan Gonzalez said.

Multinational corporations increasingly expect insurers to combine deep local market expertise with global capabilities and seamless international execution, he said.

Swiss Re Corporate Solutions, which is the commercial insurance arm of Swiss Re Group, provides risk solutions for businesses ranging from property insurance to specialist segments like Credit and Surety and including alternative risk transfer solutions like captives and parametric insurance.

“We aim to support Indian companies wherever they do business and help multinational organisations navigate risks effectively in India,” Bajaj General Insurance MD and CEO Tapan Singhel said.