India: Licence granted to first privately held reinsurance company
Source: Asia Insurance Review | May 2025
The IRDAI has approved a licence for Valueattics Reinsurance to promote competition in the reinsurance market.
This move means that the government-controlled listed company GIC Re loses its status as the only domestically incorporated reinsurer in the Indian market.
A media statement released by the IRDAI in March said, “Approval was accorded to grant a Certificate of Registration to Valueattics Reinsurance Ltd. It is the first reinsurer to be granted registration to carry out exclusively reinsurance business in the revamped regulatory landscape. It marks a significant step in fostering competition in the reinsurance sector.”
Valueattics Reinsurance is owned by Oben Ventures, led by Go Digit founder Mr Kamesh Goyal, and FAL Corporation, linked to Mr Prem Watsa’s Fairfax Financial Holdings.
Mr Goyal said, “There was a longstanding need to have private reinsurance players in India, and becoming India’s first private reinsurer marks a significant milestone for us. With this, the Digit group of companies (general insurance, life insurance, and reinsurance) will strive to become a one-stop solution for all insurance needs.”
Apart from GIC Re, there are 13 foreign reinsurance branches operating in India. In 2016, ITI Re received approval from IRDAI for reinsurance but it surrendered the licence without conducting business. A