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Bajaj Finserv, an Indian non-banking financial company providing financial services across insurance, fintech, health and asset management, has announced that its board has approved a proposal to establish a reinsurer and enter the reinsurance sector.
The company currently operates general and life insurance businesses, alongside a range of financial technology, healthcare and asset management initiatives.
Bajaj said the move would involve pursuing reinsurance activities through a subsidiary, subject to regulatory approvals.
The company stated that the board had approved the proposal following consideration of the required regulatory process.
Bajaj added: “Subject to the approval of the Insurance Regulatory and Development Authority of India (IRDAI) and other authorities the Board has granted its approval for pursuing re-insurance business through a subsidiary of the Company to be incorporated.”
The company’s proposed entry into reinsurance follows a series of changes to its insurance operations. The company recently increased its ownership of its insurance subsidiaries after acquiring Allianz SE’s stake in its general and life insurance ventures, bringing greater control over its insurance businesses. The move also came as Bajaj’s insurance companies adopted new names following Allianz’s exit from the partnership.
The post Bajaj Finserv Board approves plan to enter reinsurance business appeared first on ReinsuranceNe.ws.
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