Kathmandu. The Insurance Regulatory and Development Authority of India (IRDA) has approved the operation of Allianz Geo Reinsurance Company. The company will be the third Indian reinsurer in the Indian reinsurance market.
In India, the state-owned GIC Re and the private sector-promoted Valuatix Reinsurance Company are already in operation. Kamesh Goyal, promoter of Go Digit, Owen Ventures and FAL Corporation have invested in Valuatix Reinsurance Company.
According to the Asian Insurance Review, the licensed new reinsurer is an equal ownership between GEO Allianz Group and GEO Financial Services. Alliance Group has been operating an Allianz-Rico reinsurance arm in India for the last 25 years.
