Allianz Jio Reinsurance (Allianz Jio Re) has started operations and can now write reinsurance business in India with immediate effect.
The company is a joint venture (JV) linking Jio Financial Services, part of Indian conglomerate Reliance, with German insurer Allianz.
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Final approval for the venture was granted by the Insurance Regulatory and Development Authority of India (IRDAI) earlier this month.
Based in Mumbai, the new reinsurer intends to position itself as a long-term participant in the Indian market, with a focus on strengthening the resilience of the country’s insurance system.
Jio Financial Services managing director and CEO Hitesh Sethia said: “The launch of Allianz Jio Re is a pivotal milestone, marking the first operational step in our broader insurance partnership with Allianz.
“We are delighted with the receipt of regulatory approval to commence reinsurance operations in India, and remain deeply committed to strengthening the nation’s resilience by providing insurers with greater risk-absorption capacity, supporting the overall growth of our insurance ecosystem.”
Allianz member of the Board of Management Chris Townsend added: “Allianz Jio Re is well positioned to provide insurers with innovative and robust risk solutions.
“The JV will support India’s insurance sector by combining global technical expertise with a deep understanding of the country’s digital and financial ecosystem.”
According to a statement, the venture combines Jio Financial Services’ domestic presence and digital capabilities with Allianz’s underwriting background and international reinsurance platform, against the backdrop of sector growth and the national mission of ‘Insurance for All’ by 2047.
Allianz Jio Re will be led by Sonia Rawal as chief executive officer.
Rawal has 17 years’ experience in risk management and reinsurance across Asia-Pacific, and has been with Allianz Reinsurance in Singapore since 2016, covering India and Association of Southeast Asian Nations markets.
Rawal commented: “I am truly honoured to lead Allianz Jio Re and excited for the journey ahead, as we build a reinsurance business that contributes meaningfully to India’s rapidly evolving insurance landscape.
“We aim to bring a powerful combination of in-depth global and local expertise to the market and create long-term value by delivering tailored products and services to our clients and becoming their trusted partner.”
