Hong Kong-based Peak Reinsurance Company Limited (Peak Re) has been granted a reinsurance branch license by the International Financial Services Centres Authority (IFSCA) to operate in India’s Gujarat International Finance Tec-City (GIFT IFSC). The approval, issued on February 20, enables Peak Re to engage in property and casualty (P&C) as well as life and health reinsurance activities through its new branch.
As a designated IFSC Insurance Office (IIO), Peak Re will operate as a Category 2 reinsurer under India’s “Order of Preference” regulations.
The company views India as a key market and sees this expansion as a significant step in its strategy to modernize the reinsurance sector while supporting the growing middle class across Asia. Sudhir Salian, managing director and head of India operations at Peak Re, will lead the development of the new branch in GIFT IFSC.
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