Peak Re obtains reinsurance branch license to operate in India’s GIFT IFSC

The approval allows Peak Re to conduct both property and casualty (P&C).

Hong Kong-based Peak Reinsurance Company Limited (Peak Re) has received a reinsurance branch license from the International Financial Services Centres Authority (IFSCA) to operate as an IFSC Insurance Office (IIO) in India. 

The approval, granted on 20 February, allows Peak Re to conduct both property and casualty (P&C) as well as life and health reinsurance business through its branch in Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC).  

The IIO is classified as a category 2 reinsurer under India’s "Order of Preference" regulations. 

Peak Re sees India as a core market and views this expansion as part of its strategy to modernise reinsurance and support middle-class communities across Asia.  

Sudhir Salian, managing director and head of India at Peak Re, will oversee the development of the company’s IFSCA branch.