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SuryaJyoti Life Insurance Company Ltd. has reinsurance arrangements with Multinational Reinsurance Company: “Hannover Re” , Local Reinsurance Company: “Nepal Re” & "Himalayan Re"
Hannover Re, with a gross premium of around €21.7 billion is the third-largest reinsurance company in the world. Its headquarters is in Hannover, Germany which was founded in 1966. Through its 25 offices located in different parts of the world, the company is providing re-insurance coverage to all types of life, health, annuity, and personal accident business written by life insurance companies. According to Standard & Poor, the company is rated as AA− (Very Strong) and According to A.M. Best, it is rated as A+ (Superior). SuryaJyoti Life has reinsurance partnership with the Malaysian Branch of Hannover Re since July 2017.
Website address: https://www.hannover-re.com/
Nepal Re-Insurance Company Limited (Nepal Re.), is a Local Re-Insurance company and was incorporated on November 2014, established in the Public-private partnership (PPP) Model with equity participation of the Government of Nepal, Insurance companies (both life and Non-life) as well as the public limited companies operating in Nepal. Altogether, there are thirty-two stakeholders of Nepal Re viz. Government of Nepal, Seventeen non-life insurance companies and Eight Life insurance companies operating in Nepal, and six Public companies. Nepal Re is the first reinsurance company in Nepal with a paid-up capital of 5 billion Nepalese Rupees (approx. USD 50 million). SuryaJyoti Life has re-insurance partnership with Nepal Re for 20% direct Re-Insurance cession since July 2018 as per the regulatory requirement.
Website address: https://nepalre.com.np/en/
Himalayan Re is the first private sector reinsurance company established in the Republic of Nepal on 2021 AD with Authorised Capital of NRS. 21 Billion where Issued Capital of NRS. 10 Billion, includes paid-up capital of NRS. 7 Billion and NRS. 3 Billion shall be issued through public shares. The company offers Reinsurance support to Life and General Insurance Companies in Nepal and overseas. Promoters of Himalayan Re includes leading business houses of Nepal, along with leading financial institutions of the country. Himalayan Re that aims to be a preferred choice reinsurer globally, is assigned with Financial Strength Rating B (Fair) and Credit Long Term Rating bb+ (Fair) by AM Best Credit Rating Agency in a short span of its operation.
Website address: https://himalayanre.com/
