Which company received India's first private reinsurance license from IRDAI, ending GIC Re’s monopoly?
Valueattics Reinsurance
Why in the news?
“IRDAI Grants First Private Reinsurance License to Valueattics, Ending GIC Re’s Monopoly Since 1972”
IRDAI granted India’s first private reinsurance license to Valueattics Reinsurance, backed by Prem Watsa and Kamesh Goyal, ending GIC Re’s monopoly since 1972. This move aims to boost competition in a sector dominated by foreign reinsurance branches.
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