Himalayan Re gets green light for India expansion

Privately owned reinsurer Himalayan Re has obtained the green light to conduct reinsurance business in India, broadening its reach to 31 countries.

The Nepal-based reinsurance company has been authorised by India’s Insurance Regulatory and Development Authority on January 16 to conduct reinsurance business in the country, according to The Kathmandu Post.

Alongside this regulatory milestone, Himalayan Re-Insurance has also completed a public share issuance, further solidifying its financial foundation.

In March last year, rating agency AM Best placed Himalayan Re’s financial strength rating of B and the long-term issuer credit rating of bb+ under review with positive implications, reflecting the anticipated improvement in the company’s balance sheet strength assessment associated with successful capital raising. 

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