Kathmandu: Nepal’s first and only private sector driven reinsurer, Himalayan Re-insurance Limited(Himalayan Re), has started the process of getting credit rating.
Sources informed that Himalayan Re has reached into a contract with AM Best Asia-Pasific Singapore branch for its credit rating.
As a new company promoted by the private sector, credit rating will be a tool for credibility in the international market for Himalayan Re. Credit rating is required for Himalayan Re for attracting business from abroad as it cannot operate at full capacity only with the business received from domestic insurance companies.
Himalayan Re is operational from mid July 2021 with a authorized capital of Rs. 21 billion and Rs. 7 billion issued capital. Two major commercial banks Rastriya Banijya Bank and Nepal Bank Limited are among the promoters of the company.