Nepal Reinsurance & IME Life insurance signs agreement for reinsurance
Nepal Re-insurance Company Limited, the only reinsurance company in the country has signed an agreement with IME Life Insurance Company Limited for the company’s reinsurance. Mr. Chirayu Bhandari, Chief Executive Officer (CEO) of Nepal Reinsurance and Mr. Rakesh Pokhrel, General Manager of IME Life insurance Company have signed the agreement on Shrawan 25, 2074. IME Life Insurance Company Limited is among 10 of the insurance companies that were approved by the Nepal government and IME is the first one to sign an agreement with Nepal Re-insurance Company Limited.
As per the press release published by the company on Friday, Nepal Reinsurance company was registered from Insurance Board on Poush 4, 2071 with equity participation of Government of Nepal (43.55 percent) , Insurance Company (38.39 percent both life as well as the public limited companies (18.06 percent) with share structure of 56.45 percent. The reinsurance companies have also managed to get into international risk management with the collection of Rs 3.8 arba in reinsurance fee. The company has been doing reinsurance in the companies like Hannover, XL Catlin, GIC RE, Sava Re, Kenya Re, RICB, Eurasia, GIC Bhutan, etc. After its establishment, it has managed to retrocession with the total of 31 reinsurance companies from 17 countries.
Meanwhile with regard to nation’s needs and to give life insurance companies a competitive and qualitative reinsurance service, Nepal Reinsurance has called upon all the approved companies for reinsurance. IME Life Insurance has started reinsurance services with Nepal Reinsurance from this current fiscal year 2074/2075.
