Bajaj Finserv plans to enter the reinsurance business, applying to IRDAI for a license within two months. They aim to start by April 2027, coinciding with treaty renewals.
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Bajaj Finserv is expected to make a foray into the reinsurance business and is likely to file an application with the Insurance Regulatory and Development Authority of India (IRDAI) for the required licence within the next two months, sources told CNBC-TV18.
The company is looking to start its reinsurance business by April 2027, coinciding with the renewal cycle for domestic reinsurance treaties, sources said.
Bajaj Finserv is also likely to have appointed N Ramaswamy to lead its reinsurance business, according to sources.
Ramaswamy is a former Chairman and Managing Director (CMD) of General Insurance Corporation of India (GIC Re).
The proposed entry would come ahead of the renewal of domestic reinsurance treaties starting April 2027.
Further details on the proposed reinsurance venture, including the structure and scope of the business, are not immediately known.