Go Digit promoters Watsa, Goyal seek regulatory nod for reinsurance biz

Currently, India has one domestic reinsurance company, the state-owned General Insurance Corporation (GIC Re)

Canadian billionaire Prem Watsa’s Fairfax group and Kamlesh Goyal, who are the promoters of general insurance company Go Digit General Insurance, have plans to set up a private domestic reinsurance company in the country and have applied to the insurance regulator to obtain a license for the same.  

In a late night statement, the general insurance company said, “"Promoters of Go Digit General Insurance's parent company, Prem Watsa's Fairfax and Kamesh Goyal, plan to set up a reinsurance company in India. The application is subject to approval of the Insurance Regulatory and Development Authority of India (IRDAI)."

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