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.
Until March 2025, the government-controlled GIC Re was the only domestically incorporated reinsurer in the Indian market. Valueattics Reinsurance is the first private player in the Indian market and 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.