IRDAI Grants First Private Reinsurance License to Valueattics Reinsurance
| Summary/Static | Details |
|---|---|
| Why in the news? | Valueattics Reinsurance Becomes India's First Private Reinsurer, Ending GIC Re's Monopoly |
| New Private Reinsurer | Valueattics Reinsurance |
| Promoters | Prem Watsa (FAL Corporation, Fairfax Financial Holdings) & Kamesh Goyal (Oben Ventures LLP) |
| Initial Capital | ₹210 crore |
| Approval Type | R2 License from IRDAI |
| Previous Monopoly | GIC Re (General Insurance Corporation of India) |
| Global Reinsurance Players in India | 13 Foreign Reinsurance Branches (FRBs) including Munich Re, Swiss Re, and Lloyd's of London |
| IRDAI's Key Initiatives | Bima Sugam e-marketplace, Risk-Based Capital (RBC), Risk-Based Supervisory Framework, Approval of 2025-26 Budget |
| Significance | Ending GIC Re's monopoly and fostering competition in the reinsurance market |
| GIC Re's Current Status | 39% earnings from obligatory business, 61% from non-obligatory business; holds "first right to refusal" and obligatory cession rights |