Reports have emerged suggesting that Bajaj Finserv is to enter the reinsurance business and is likely to file an application with the Insurance Regulatory and Development Authority of India (IRDAI), with former GIC Re chairman N Ramaswamy Narayanan reportedly set to lead the venture.
Both CNBC-TV18 and the Economic Times have cited sources as saying that Bajaj Finserv is looking to launch its reinsurance business by April 2027, coinciding with the renewal cycle for domestic reinsurance treaties.
The reports also suggest that Narayanan, who retired as GIC Re’s chairman and managing director in September 2025, is expected to join the Bajaj Group company and lead the initiative.
Bajaj Finserv is a leading Indian financial services holding company that offers lending, insurance, wealth management and digital payments through its various subsidiaries.
Headquartered in Pune, Maharashtra, it operates as the financial arm of the Bajaj Group.
It currently has operations in life and general insurance through Bajaj Life Insurance and Bajaj General Insurance.
The proposed reinsurance business would add another part of the insurance value chain to the group’s existing operations. The move would also come as India seeks to build out its domestic reinsurance capacity.
GIC Re remains the dominant domestic reinsurer, while additional reinsurance activity has developed through the International Financial Services Centre in GIFT City.
India is an increasingly dynamic and growing market for global re/insurance players, supported by an expanding domestic insurance sector. Read more of our coverage of the Indian market here.
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