Hyderabad: The Bermuda-headquartered global reinsurance firm Flagstone Reinsurance Holdings Ltd plans to enter the Indian non-life insurance sector, buoyed by the fast growing economy and low penetration of insurance in the subcontinent, said its Chairman, Mark Byrne.

“We are currently in talks with some prospective Indian partners for a joint venture and should firm up the venture shortly,” he told reporters at Hyderabad on Thursday after inaugurating the company’s underwriting support services centre.

He said the company expects to complete the deal and begin Indian primary insurance operations in non-life segment within a year and plans to invest $30 million in the venture to begin with.” Though we are keen to hold 49% in the venture, which is yet to be permitted by the Indian regulations, we will not wait for the change in regulations,” he said.

The New York Stock Exchange listed reinsurer that reported $577 million revenues for the year ended December 2007 also plans to expand its Indian reinsurance operations and opened a representative office at Mumbai in June.

Stating that Flagstone is upbeat on the growth of Indian reinsurance market, he said the Indian market is expected to grow four times in size in the next 10 years. ”We currently have limited exposure of around $30 million to the Indian reinsurance market and plan to significantly enhance our business here,” said David Brown, the chief executive officer of Flagstone.