The Insurance Regulatory and Development Authority of India (Irdai) has accorded a certificate of registration to Valueattics Reinsurance, paving the way for the company to become the first private sector reinsurer in the country.

At present, state-owned General Insurance Corporation of India (GIC Re) is the only domestic reinsurer.

“It is the first reinsurer to be granted registration to carry out exclusively reinsurance business in the revamped regulatory landscape. It marks a significant step in fostering competition in the reinsurance sector,” Irdai noted in the minutes of its 129th meeting held on Thursday.

Valueattics Reinsurance is promoted by Go Digit founder Kamesh Goyal’s Oben Ventures LLP and FAL Corporation, a subsidiary of Canadian billionaire Prem Watsa’s Fairfax Financial Holdings.

Currently, 12 foreign reinsurance branches (FRBs) are operating in the country, including those of Munich Re, Swiss Re and Lloyd’s of London.

“There was a longstanding need for private reinsurance players in India, and becoming India’s first private reinsurer marks a significant milestone for us,” said Goyal, who is a director at Valueattics Reinsurance.

With this development, Kamesh Goyal and Fairfax (through its ventures) become the first promoters in India to hold licences for general insurance, life insurance and reinsurance businesses.

Irdai also announced that Life Insurance Corporation of India, The New India Assurance Company and General Insurance Corporation of India have been identified as domestic systemically important insurers for FY25.

Additionally, the meeting reviewed the status of Bima Sugam, the proposed insurance marketplace and compliance updates and the progress of the Bima Sugam India Federation, an entity formed by insurers to develop an insurance electronic marketplace.