Kathmandu. Himalayan Reinsurance, a private sector-promoted reinsurer, has partnered with 15 companies around the world for reinsurance transactions. According to Reinsurance, reinsurance support has been provided for 52 countries around the world, including the Asian and African continents.
In addition to the indigenous reinsurer Nepal Re (Nepal), GIC Re (India), Kenya Re (Africa), Hanover Re (Germany), Santam Ri (South Africa), Sabha Ri (Slovenia), Imara (UK), Triglav (Slovenia), Singapore Ri, Adnick (Abu Dhabi), Sisa Re (Australia), Bao Min (Vietnam), New India Assurance (India), Bizle (UK) and Partner Fair are collaborating for the reinsurance business.
Last year, Himalayan Reinsurance received approval to accept reinsurance risks as a cross-border reinsurer in the Indian market. “Within three years of its establishment, it is a great achievement to get the opportunity to partner in retrosession from GIC Re India, the world’s fourth largest reinsurer. Himalayan Reinsurance has also been given the responsibility of managing the insurance fund for the first four years under the rotation system under the Foreign Employment Insurance Guidelines.
The company has released the current fiscal year 2080. According to the second quarter financial statement of 1981, the net insurance income is Rs 2.39 billion. Similarly, the net profit stood at Rs 616.9 million. It has a paid-up capital of Rs 10.4 billion with an issue capital of Rs 20 billion.
A.M. West, a global rating agency, has reaffirmed the “tripleby-(minus)” (good) classification for financial capacity (credit rating) and “tripleby-(minus)” (good) classification for issuer rating (long-term issuer rating). In a press release issued by AM West, the outlook towards these credit ratings has remained stable.
