Hong Kong-based global reinsurer Peak Reinsurance Company Limited (Peak Re) has received approval to establish a reinsurance branch in India’s Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC).
The International Financial Services Centres Authority (IFSCA) granted Peak Re a reinsurance branch licence as an IFSC Insurance Office (IIO) on February 20, 2025, enabling the company to conduct reinsurance business within the region.
The newly established IIO will function as a Category 2 reinsurer under IFSCA regulations governing the “Order of Preference.” This classification allows Peak Re to underwrite both property & casualty and life & health reinsurance in India, reinforcing its role in the country’s growing insurance sector.
The expansion into GIFT IFSC represents a strategic milestone for Peak Re as it strengthens its presence in emerging markets across Asia. India is a vital market for the company, aligning with its mission to modernize reinsurance and provide robust support to middle-class communities in the region.
By establishing a presence in the IFSCA, Peak Re aims to enhance its ability to address local market needs and foster deeper engagement with Indian stakeholders. This move is expected to bolster the company’s regional influence and further integrate its reinsurance solutions into the Indian financial ecosystem.
Sudhir Salian, Managing Director and Head of India at Peak Re, will oversee the development of the new branch, guiding its strategic operations and market integration efforts.
This latest development underscores Peak Re’s ongoing commitment to expanding its footprint and delivering innovative reinsurance solutions across Asia.
