Valueattics Reinsurance Becomes India's First Private Reinsurer, Ending GIC Re's Monopoly
In a historic move, the Insurance Regulatory and Development Authority of India (IRDAI) granted Valueattics Reinsurance, backed by Prem Watsa and Kamesh Goyal, the first private reinsurance license in India. This development marks a significant step towards fostering competition in the reinsurance sector, ending GIC Re’s monopoly that has existed since 1972. The approval was granted during Debasish Panda’s final board meeting as IRDAI Chairperson on March 12, 2025.
Summary/Static | Details |
Why in the news? | Valueattics Reinsurance Becomes India’s First Private Reinsurer, Ending GIC Re’s Monopoly |
New Private Reinsurer | Valueattics Reinsurance |
Promoters | Prem Watsa (FAL Corporation, Fairfax Financial Holdings) & Kamesh Goyal (Oben Ventures LLP) |
Initial Capital | ₹210 crore |
Approval Type | R2 License from IRDAI |
Previous Monopoly | GIC Re (General Insurance Corporation of India) |
Global Reinsurance Players in India | Munich Re, Swiss Re, Lloyd’s of London |
IRDAI’s Key Initiatives | Bima Sugam, Risk-Based Capital (RBC), Risk-Based Supervisory Framework |
Significance | Ending GIC Re’s monopoly and fostering competition in the reinsurance market |
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