Peak Reinsurance Company Limited has been granted approval by the International Financial Services Centres Authority (IFSCA) to establish a reinsurance branch in India’s Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC).
Peak Reinsurance Company Limited has been granted approval by the International Financial Services Centres Authority (IFSCA) to establish a reinsurance branch in India’s Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC).
This move marks a significant milestone for the company as it strengthens its presence in the Indian market, which is rapidly evolving and becoming a vital hub for the insurance sector in Asia, according to InsurTech Insights.
The decision to establish the reinsurance branch in GIFT IFSC comes as part of Peak Re’s broader strategy to enhance its footprint in emerging markets across Asia.
By setting up operations within the IFSC, Peak Re aims to address the growing demand for comprehensive reinsurance solutions in India, especially in the wake of the country’s expanding insurance sector.
The company’s ability to conduct both property & casualty and life & health reinsurance within the region is expected to provide essential support to the country’s middle-class communities and businesses.
Peak Re’s main business revolves around providing reinsurance solutions to a broad array of clients globally.
Specialising in innovative and modern reinsurance, Peak Re focuses on meeting the unique needs of local markets while supporting the development of robust and sustainable insurance sectors in emerging economies.
The company has long been dedicated to fostering deep relationships with its stakeholders and assisting in the growth of the insurance market by offering tailored solutions.
The new reinsurance branch in GIFT IFSC will function as a Category 2 reinsurer under IFSCA regulations, allowing the company to underwrite property & casualty and life & health reinsurance.
This classification is part of the “Order of Preference” structure within the IFSCA’s regulatory framework, further reinforcing Peak Re’s role in the Indian market. This expanded capacity enables the company to play a larger role in addressing local market needs and enhancing its business ties in the region.
Peak Re’s expansion into India is driven by its commitment to modernising reinsurance in the region. The company intends to leverage its presence in GIFT IFSC to foster deeper engagement with Indian stakeholders, build relationships, and integrate reinsurance solutions within India’s growing financial ecosystem. This move is expected to bolster Peak Re’s regional influence, strengthening its position in the Indian insurance market and beyond.
Managing Director and Head of India at Peak Re, Sudhir Salian will oversee the development of the new branch. With his extensive experience and leadership, Sudhir will guide the branch’s strategic operations and market integration efforts, ensuring Peak Re’s successful entry into India’s rapidly developing reinsurance sector.
In summary, Peak Re’s new reinsurance branch at GIFT IFSC signals the company’s continued growth and commitment to delivering innovative reinsurance solutions across Asia. This expansion is a strategic move to enhance its regional presence and further support India’s growing insurance sector, which is integral to the company’s long-term objectives.
Managing Director and Head of India at Peak Re, Sudhir Salian said, “We are excited to expand our footprint in India and strengthen our role in the country’s growing reinsurance market. This move allows us to better meet local market demands and integrate our solutions into the Indian financial ecosystem.”
