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Bajaj Finserv plans to enter the reinsurance market via subsidiary

The company said its board approved pursuing reinsurance through a subsidiary, subject to regulatory approvals, after changes to its insurance partnerships and ownership.

Reported · Written up by our desk · Reinsurance

Bajaj Finserv, an Indian non-banking financial company with insurance, fintech, healthcare and asset management activities, said its board has approved a proposal to establish a reinsurer and enter the reinsurance sector.

The company plans to pursue reinsurance activities through a subsidiary, but noted the effort is subject to required regulatory approvals.

Bajaj said the decision followed consideration of the regulatory process, and it comes after recent changes to its insurance operations, including increased ownership of its insurance subsidiaries after acquiring Allianz SE’s stake.

It also said its insurance companies adopted new names after Allianz exited the partnership.

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