Valueattics Re, a company promoted by Prem Watsa-backed FAL Corporation and GoDigit Founder Kamesh Goyal, has received insurance regulator IRDAI nod to commence reinsurance business in India. This is the first private reinsurer in India to be granted a reinsurance license. Currently, public sector General Insurance Corporation (GIC Re) is the only reinsurance company operating in India. Reinsurance companies play a crucial role in the insurance industry by providing insurance to other insurance companies, acting as a second level of insurance or insurers’ insurer to manage and transfer risk, particularly large or catastrophic losses. With this, Kamesh Goyal and Fairfax (through their respective ventures) will become the first promoters in India to have licenses to operate general insurance, life insurance and reinsurance businesses in India.
