By Ryan Hewlett
April 1 - (The Insurer) - Hong Kong-based reinsurer Peak Re said on Monday that it has been granted a reinsurance branch licence in India.
Peak Re said in a statement that it was authorised as an IFSC Insurance Office (IIO) by the International Financial Services Centres Authority on February 20, 2025.
The IIO, established in the Gujarat International Finance Tec-City International Financial Services Centre, is classed as category 2 reinsurer and is authorised to write both P&C and life and health business.
Under recent amendments to India’s domestic (re)insurance regulation, category 2 reinsurers include cross-border reinsurers with a credit rating of A-plus or higher from S&P or an equivalent agency, and which retain a minimum of 50% of the premium in India.
Peak Re’s new Indian entity, Peak Reinsurance Company Limited IFSCA Branch, will be led by managing director and head of India Sudhir Salian.
“This milestone marks a significant step in our journey in supporting emerging markets across Asia and beyond,” said Peak Re.
India is a core market for Peak Re. Speaking to The Insurer in October last year, group CUO Piotr Nowakowski said the market was aligned with the reinsurer’s ambition to modernise the reinsurance sector and support middle-class communities across Asia.
“Establishing an IFSCA Branch reinforces our unwavering commitment to the India market and underscores our strategic focus on meeting local needs and deepening our engagement with the local community,” said Peak Re.
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