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New Insurers Get Green Light in India
10 Mar
Summary
- IRDAI granted final operational approval to two new insurance companies.
- Allianz Jio Reinsurance is a joint venture between Allianz and Jio Financial.
- Kiwi General Insurance has backing from WestBridge Capital and Neelesh Garg.
The Insurance Regulatory and Development Authority of India (IRDAI) has officially granted Certificates of Registration to two new insurance entities. This signifies the final necessary approvals for both Allianz Jio Reinsurance and Kiwi General Insurance to commence their business operations.
Allianz Jio Reinsurance has been established as a 50:50 joint venture. This strategic partnership involves the global insurance giant Allianz Group and India's Jio Financial Services. Simultaneously, Kiwi General Insurance has secured its operational clearance. This insurer is backed by the prominent US-based private equity firm WestBridge Capital and is led by Neelesh Garg, who previously served as the chief of Tata AIG General Insurance.
