Kathmandu: Himalayan Reinsurance Company is expected to be operational within this week. It has made all necessary arrangements for the operation. The insurance sector regulator Beema Samiti has given final nod on Thursday for the operation of the company.
The company is hiring Chief Executive Officer, Senior Executive and HOD of Information Technology Department from India. Rest of the workforce will be hired locally.
The authorized capital of the company is Rs.10 billion while the promoter shareholders have contributed 70 percent which amounts to Rs.700 million.
Himalayan Re is the first private sector reinsurance company in Nepal. Earlier, state promoted Nepal Reinsurance Company Ltd. was only in operation. There are 106 promoters including 44 private institutions in the promoters group. The chairman of the Federation of Nepalese Chamber of Commerce and Industries(FNCCI), Mr. Sekhar Golchha is the Chairman of BOD of Himalayan Re.