Bajaj Finserv (BFL) is entering into the reinsurance business through a wholly owned subsidiary.
- BFL already has a significant presence in insurance through its 77.33% stakes in Bajaj General Insurance and Bajaj Life Insurance, formerly operated as joint ventures with Allianz.
- The latest move makes it growing group of private players in India’s reinsurance market, which opened to private and foreign participation after the IRDAI recently ended GIC’s monopoly.
- Foreign reinsurers have also expanded their presence in this segment. Twelve foreign reinsurance branches now operate in India, most based in Mumbai.