Valueattics Re, an organization promoted by Prem Watsa-backed FAL Company and GoDigit Founder Kamesh Goyal, has obtained insurance coverage regulator IRDAI nod to begin reinsurance enterprise in India. That is the primary non-public reinsurer in India to be granted a reinsurance license.
Presently, public sector Basic Insurance coverage Company (GIC Re) is the one reinsurance firm working in India.
Reinsurance corporations play an important position within the insurance coverage business by offering insurance coverage to different insurance coverage corporations, performing as a second degree of insurance coverage or insurers’ insurer to handle and switch danger, notably massive or catastrophic losses.
With this, Kamesh Goyal and Fairfax (by way of their respective ventures) will change into the primary promoters in India to have licenses to function basic insurance coverage, life insurance coverage and reinsurance companies in India.
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