Kathmandu: The state-owned reinsurance company Nepal Reinsurance Company (Nepal Re) has entered into reinsurance agreements with more than a dozen global reinsurers. Nepal Re( know as NRIC in the secondary stock market), which has been accepting risks through reinsurance treaty and facultative reinsurance agreement from domestic and foreign insurance companies, has transferred more than a certain percentage of the risk assumed by it through reinsurance agreements with Indian and European reinsurance companies.
Nepal Re has not only transferred its risk to global reinsurers but also accepted risk through reinsurance agreement with foreign insurers and global reinsurers.
According to Nepal Re, reinsurance agreements have been made with GIC Re of India, Hanover Re of Germany, Swiss Re of Switzerland, BMI Re of America, Odyssey Re, Liberty Mutual Reinsurance, Canopius and Renaissance Re. Similarly, it is mentioned on the company’s website that reinsurance agreements have been made with 13 global reinsurance companies, including Aspen of Bermuda, Everest, Sabha Insurance Group of Slovenia, Toa Ri of Japan.
Nepal Reinsurance Company is the first reinsurance company of Nepal established under state’s leadership .The insurance pool established in 2006 for risk sharing between insurance companies was converted into Nepal Reinsurance Company from 2014 by the government.