The Allianz group will partner with Jio Financial Services to establish a reinsurance company in the Indian market.
The Allianz group’s subsidiary company Allianz Europe B.V., will be part of the JV that hopes to build on Jio Financials’ strong local presence with Allianz’s international reinsurance capabilities. Allianz currently operates in India through Allianz Re and Allianz Commercial and the new JV will leverage on Allianz’s global expertise in pricing, risk selection and portfolio management. Allianz Re has been operating in India for over 25 years.
The new JV will launch operations on receiving the necessary statutory and regulatory approvals.
Apart from GIC Re, there are 13 foreign reinsurance branches operating in India. In March 2025, India's first private sector reinsurance company was granted licence by the IRDAI to operate in the country.
The company, Valueattics Re, is promoted by Canadian businessman Prem Watsa’s FAL Corporation and Indian businessman Kamesh Goyal’s Oben Ventures. In 2016, ITI Re received approval from IRDAI for reinsurance but it surrendered the licence without conducting business.