Digit Insurance acquires ITI Reinsurance
Digit Insurance is buying a 100 percent stake in Indian private reinsurance company ITI Reinsurance (ITI Re) for about INR 500 crore ($72.8million), according to an Economic Times report citing “a person familiar with the deal.”
ITI Re is the “first private sector reinsurance company in India”, and the first one to be wholly promoted by Indian entrepreneurs, according to the company. ITI Re is aiming to service the direct insurance markets in India and Overseas Territories. ITI Re has received a licence in December 2016.
The acquisition proposal will be taken up by the board of India’s regulator IRDAI on Friday, according to the report. General insurer Digit will reportedly pay the market value of the investment and a small premium.
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