Himalayan Reinsurance poised to operate branches in four foreign countries

KATHMANDU, Himalayan Reinsurance Company is preparing to go beyond the national boundary by expanding its branch offices in four foreign countries. They are India, Singapore, Dubai, and Thailand. The company’s board meeting held some 7 months back made a decision to expand its physical presence internationally. 

It received in-principle approval from the Insurance Authority on May 12  for operating branch offices in the said four countries.

To go international, the company had submitted a request to the Nepal Rastra Bank for approval regarding the transfer of the assigned capital, open foreign currency bank accounts, and conduct business transactions (in foreign currency) targeting these countries. However, after the central bank denied permission, the company sought assistance from the Authority.

It may be noted that the company boasts a ‘B+’ rating from AM Best. Within its fourth year of establishment, the company has obtained the required FRN (File Reference Number) from India’s regulatory body -IRDAI- to conduct reinsurance business in India.

Similarly, the company claims to have successfully acquired the reinsurance business from GIC Re, a reinsurance company fully owned by the Indian government.

By operating its foreign branch offices, Himalayan Reinsurance expects to generate at least Rs 5 billion in reinsurance premiums for Nepal.