Valueattics Re Gets Reinsurer License from Irdai
Valueattics Re, backed by GoDigit promoters, has secured a reinsurer license from Irdai, becoming India's first private reinsurer. The company will operate with an initial paid-up capital of Rs 210 crore.
Photograph: Kind courtesy Monam/Pixabay
New Delhi, Mar 13 (PTI) Valueattics Re, promoted by GoDigit promoters Kamesh Goyal and Prem Watsa, has secured reinsurer licence from insurance sector regulator Irdai.
The company will start with an initial paid-up capital of Rs 210 crore to begin operations, it said in a statement on Thursday.
Approval was accorded to grant Certificate of Registration to Valueattics Reinsurance Ltd, the Insurance Regulatory and Development Authority of India (Irdai) said in an order.
It is the first reinsurer to be granted registration to carry out exclusively reinsurance business in the revamped regulatory landscape, Valueattics Re said quoting Irdai order.
It marks a significant step in fostering competition in the reinsurance sector, it said.
Oben Ventures LLP (promoted by Kamesh Goyal) and FAL Corporation (backed by Prem Watsa with Fairfax Financial Holdings Ltd as its ultimate parent company) will be the promoters of Valueattics Re, who are also the promoters of Go Digit General Insurance Limited and Go Digit Life Insurance Limited, it said.
With this, Kamesh Goyal and Fairfax (through its respective ventures) will become the first promoters in India to have licenses to operate general insurance, life insurance and reinsurance businesses in India, it said.
Speaking on the regulatory approval, Kamesh 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, Digit group of companies (general insurance, life insurance and reinsurance) will strive to become a one-stop solution for all insurance needs, allowing us to provide full-spectrum risk coverage, he said.
Fairfax subsidiary FAL Corporation will be the majority stakeholder of Valueattics Reinsurance Ltd, Fairfax Financial Holdings Limited, a holding company through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance.
Fairfax Financial Holdings Limited is regarded to be amongst the top 20 global reinsurers.
The company will start with an initial paid-up capital of Rs 210 crore to begin operations, it said in a statement on Thursday.
Approval was accorded to grant Certificate of Registration to Valueattics Reinsurance Ltd, the Insurance Regulatory and Development Authority of India (Irdai) said in an order.
It is the first reinsurer to be granted registration to carry out exclusively reinsurance business in the revamped regulatory landscape, Valueattics Re said quoting Irdai order.
It marks a significant step in fostering competition in the reinsurance sector, it said.
Oben Ventures LLP (promoted by Kamesh Goyal) and FAL Corporation (backed by Prem Watsa with Fairfax Financial Holdings Ltd as its ultimate parent company) will be the promoters of Valueattics Re, who are also the promoters of Go Digit General Insurance Limited and Go Digit Life Insurance Limited, it said.
With this, Kamesh Goyal and Fairfax (through its respective ventures) will become the first promoters in India to have licenses to operate general insurance, life insurance and reinsurance businesses in India, it said.
Speaking on the regulatory approval, Kamesh 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, Digit group of companies (general insurance, life insurance and reinsurance) will strive to become a one-stop solution for all insurance needs, allowing us to provide full-spectrum risk coverage, he said.
Fairfax subsidiary FAL Corporation will be the majority stakeholder of Valueattics Reinsurance Ltd, Fairfax Financial Holdings Limited, a holding company through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance.
Fairfax Financial Holdings Limited is regarded to be amongst the top 20 global reinsurers.
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