Privately owned reinsurance company, Himalayan Re-Insurance, has expanded its business to 31 countries as it has been allowed to do reinsurance business from India.
According to the announcement, the country’s Insurance Regulatory and Development Authority approved and granted the reinsurer a reference number on January 16, 2024.
The Nepal-based reinsurance company also stated that it has completed the process of issuing shares to the general public.
Last year, credit rating agency AM Best placed Himalayan Re’s Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) under review with positive implications.
According to the agency, the decision of this rating move was because of their expectation that the company will complete a public listing over the near term.
AM Best also noted that Himalayan Re’s status reflects the anticipated improvement in the company’s balance sheet strength assessment associated with successful capital raising.
In May 2023, it was announced that Himalayan Re went live with Eurobase’s reinsurance platform Synergy2.
Himalayan Re’s adoption of Eurobase’s platform, the company explained, has delivered tangible results that include improved efficiency by optimisation of business processes, reduced manual intervention, greater adaptability to react quickly to changes in the market and improved ability to monitor performance and demonstrate accountability.
