Valueattics Re set to become India's first pvt reinsurer

Firm backed by Kamesh Goyal, Prem Watsa gets Irdai's R2 nod

- AATHIRA VARIER

In Debasish Panda's last board meeting on Thursday as chairperson of the Insurance Regulatory and Development Authority of India (Irdai), the regulator approved the first reinsurance licence to a private player, Valueattics Reinsurance, backed by Prem Watsa and Kamesh Goyal.

So long GIC Re, a public-sector entity, was the only player in the field.

"This marks a significant step in fostering competition within the reinsurance sector," Irdai said in a statement.

With "R2" approval, the company is one step closer to commencing reinsurance operations.

However, it can be in the business only after meeting the requirements of bringing in the necessary initial capital.

Valueattics Reinsurance is owned by Oben Ventures LLP, promoted by Goyal, and FAL Corporation, backed by Watsa with Fairfax Financial Holdings.

They are also the promoters of Go Digit General Insurance and Go Digit Life Insurance.

The company will start with paid-up capital of ₹210 crore, it said in a statement.