Valueattics Reinsurance Becomes India’s First Private Reinsurer:
The Insurance Regulatory and Development Authority of India (IRDAI) granted Valueattics Reinsurance, backed by Prem Watsa and Kamesh Goyal, the first private reinsurance license in India. This development marks a significant step towards fostering competition in the reinsurance sector, ending GIC Re’s monopoly that has existed since 1972. The approval was granted during Debasish Panda’s final board meeting as IRDAI Chairperson on March 12, 2025.Valueattics Reinsurance becomes the first private reinsurer in India. Backed by Prem Watsa’s Fairfax Financial Holdings (through FAL Corporation) and Kamesh Goyal’s Oben Ventures LLP.GIC Re, a public-sector entity, was the only reinsurer in India until now.13 foreign reinsurance branches (FRBs) like Munich Re, Swiss Re, and Lloyd’s of London operate in India.
