UK's insurance major opens its Mumbai office to recruit 50 persons

Mumbai, Dec 7 (UNI) Faced with the crunch of qualified actuarials in its own country, a UK-based insurance firm Paternoster has decided to set up a specialist team in Mumbai to outsource its ooperations in fields like actuarial and financial skills.

Briefing the media here today, Chief Executive of the company Mark Wood said,''Initially our plan is to recruit 50 persons in the specialised areas which will cater to our requirements for the forthcoming year 2007''. We have already recruited 42 persons for our Mumbai set-up including three qualified actuarials, training for whom will begin in the UK for a period of three months beginning from 15th of the month, he added.

With beginning of its Mumbai office, Paternoster hopes to writing its business six times within a period of three years. This year the company has been able to sign nine transactions within a period of nine months worth 150 million Pound.

Talking about the scenario prevailing in the UK on the front of pension fund, the CEO of Paternoster India, V Balamurugan said,''The potential of the market goes up to 1 trillion Pounds, however, all the insurance firms working in the country altogether have been able to tap merely 2-3 billion Pounds so far''.

UNI KKD PM VKG1632