New India Assurance is launching a product to cover care homes for the elderly.

The insurer also said it would be opening a desk at Lloyd's to write treaty reinsurance business.

Chief executive KG Arora told Insurance Times that the Lloyd's desk would begin operating "shortly" with one underwriter. He would not comment on the amount of business the company expected to write.

On the care home product, Arora said the product would complement the company's care product for the non-elderly. He added that the insurer was looking to expand its broker base in the course of the year.