Valueattics Re: A New Dawn for Indian Reinsurance

Valueattics Re, backed by GoDigit and Fairfax Financial promoters, has received a license from Irdai to become India's first private reinsurer. The initial capital is Rs 210 crore, marking a pivotal moment in the reinsurance landscape, enhancing competition and offering comprehensive insurance solutions.

Valueattics Re, a company supported by the promoters of GoDigit, Kamesh Goyal and Prem Watsa, has successfully obtained a reinsurer license from the Insurance Regulatory and Development Authority of India (Irdai).

With an initial paid-up capital of Rs 210 crore, the company is set to commence operations, having received the official Certificate of Registration from Irdai. This marks the first instance of a reinsurer being registered under the revamped Indian regulatory framework exclusively for reinsurance services.

The move is seen as a critical step towards increasing competition in the reinsurance sector. Promoters Oben Ventures LLP and FAL Corporation drive the initiative, intending to create a comprehensive insurance solution through the Digit group of companies. Fairfax subsidiary FAL Corporation will hold a majority stake in the venture.

(With inputs from agencies.)