Hong Kong-headquartered global reinsurer Peak Reinsurance (Peak Re) has received a reinsurance branch licence as an IFSC Insurance Office [IIO].
The licence was granted by the International Financial Services Centres Authority (IFSCA) on 20 February 2025, allowing Peak Re to undertake reinsurance business, said the reinsurer in a statement yesterday.
The IIO established in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) is a Category 2 reinsurer by “Order of Preference” as per the applicable regulations and is authorised to write both P&C and Life & health business. Category 2 entities include foreign reinsurance branches and IIOs that invest all their retained premiums in India.
Peak Re’s statement on the branch licence said, “This milestone marks a significant step in our journey in supporting emerging markets across Asia and beyond.
“India is a core market for Peak Re and is aligned with the vision of the company to drive positive, sustainable change by modernising reinsurance and supporting middle-class communities across Asia and beyond. Establishing an IFSCA Branch reinforces our unwavering commitment to the India market and underscores our strategic focus on meeting local needs and deepening our engagement with the local community.”
Managing director and head of India at Peak Re, Sudhir Salian, has been designated to oversee the development of the Peak Re IFSCA Branch.