India: New private reinsurer given green light
Source: Asia Insurance Review | Apr 2026
The Insurance Regulatory and Development Authority (IRDAI) has granted approval for Allianz Jio Reinsurance, which will now be the second private reinsurer in the Indian market.
The government-controlled GIC Re was the only domestically incorporated reinsurer in India until March 2025 when Valueattics Reinsurance became the first private reinsurer to operate in the market. Valueattics is owned by Oben Ventures, led by Go Digit founder Mr Kamesh Goyal, and FAL Corporation which is linked to Mr Prem Watsa’s Fairfax Financial Holdings.
Allianz Jio Reinsurance is a 50:50 joint venture between Allianz Group and Jio Financial Services. Allianz currently operates in India through Allianz Re and Allianz Commercial and the new JV will leverage on Allianz’s global expertise in pricing, risk selection and portfolio management. Allianz Re has been operating in India for over 25 years.
Apart from GIC Re and Valueattics 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 any business. A