Hong Kong-based global reinsurer, Peak Reinsurance Company Limited (Peak Re), has achieved a significant milestone by obtaining a reinsurance branch licence as an IFSC Insurance Office (IIO) from the International Financial Services Centres Authority (IFSCA) on 20 February 2025. This licence empowers Peak Re to conduct reinsurance business in the dynamic Indian market.
The newly established branch is located in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), India, and is designated as a Category 2 reinsurer under the applicable regulations for “Order of Preference”. This status authorises Peak Re to underwrite both property & casualty and life & health reinsurance.
This strategic expansion represents a pivotal step for Peak Re as it continues to broaden its reach across emerging markets in Asia and beyond. India is a crucial market for Peak Re, aligning perfectly with its mission to modernise reinsurance practices and support the burgeoning middle-class communities throughout the region.
The establishment of an IFSCA branch underscores Peak Re’s unwavering commitment to the Indian market, enhancing its capability to address local needs effectively and fostering deeper engagement with the community. Sudhir Salian, Managing Director and Head of India at Peak Re, will lead the development and operations of the new branch.
Yorum Yap