Valueattics Re gets reinsurance license
Valueattics Re, backed by GoDigit promoters, secures IRDAI approval, becoming India's first private reinsurer, challenging GIC Re’s monopoly;
Mumbai: Valueattics Re promoted by GoDigit promoters Kamesh Goyal and Canadian investor Prem Watsa’s Fairfax group has secured reinsurance license from the Insurance Regulatory and Development Authority of India (IRDAI) making it the first private reinsurer in the country. The company will start with an initial paid-up capital of ₹210 crore to begin operations, it said in a statement on Thursday.
“Approval was accorded to grant Certificate of Registration to M/s 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,” said the IRDAI.
Currently, state-owned GIC Re is the only Indian reinsurer and enjoys the advantage of first right to refusal and obligatory cession. There are also 12 foreign reinsurance branches (FRBs), set up by global reinsurance companies, including Munich Re, Swiss Re, Scor Re, Lloyd’s of London, operating in India.
Oben Ventures LLP (promoted by Kamesh Goyal) and FAL Corporation (backed by Prem Watsa with Fairfax Financial Holdings Limited as its ultimate parent company) will be the promoters of Valueattics Re, who are also the promoters of Go Digit General Insurance Limited (a publicly listed general insurance company) and Go Digit Life Insurance Limited.
Meanwhile, in the 129th Board meeting of the IRDAI on Tuesday, Life Insurance Corporation of India, The New India Assurance Company Ltd and General Insurance Corporation of India have been identified as Domestic Systemically Important Insurers (D-SIIs) for FY 2024-25.
It was the last board meeting of the IRDAI under the chairmanship of Debasish Panda, who completed his three-year tenure at the regulatory body on Thursday.