Himalayan Reinsurance Limited is the second reinsurance company in Nepal, providing support to Life and General Insurance companies domestically and internationally. Shortly, it is known as Himalayan Re. It got established on 6th June 2021 under the Companies Act 2063 with headquarter in Kathmandu. It received its reinsurance license from Nepal Insurance Authority (then Insurance Board) on 6th July 2021. Nine days later, on 15th July, it officially started its reinsurance business operation. With humble beginning, Himalayan Re aims to be the reinsurer of global choice.
The company is backed by Nepal’s leading business houses and financial institutions, including Golchha Group, Shanker Group, Infinity Holdings, Lucky Group, Ramesh Corp, Shiv Shakti Group, Himalayan Infrastructure Fund Ltd., Shalimar Investment, Saffron CK Investments, Vaishnav Enterprises, Murarka Group, K L Dugar Group, M V Dugar Group, R H Group, M S Corp, IME Group, Prem Gurung and Group, Ashlesha Enterprises, Allied Continental, and Balaji Marbles. Additionally, two “A” class commercial banks, Nepal Bank Limited and Rastriya Banijya Bank Limited, have also invested some equity in Himalayan Re. These strong backings position the company as a significant player in the reinsurance market.
Himalayan Re has authorized capital of 21 billion (21 Arab) and paid-up capital of 10 billion (10 Arab) as on June 2024. Out of which, 70% is held by promoters whereas 30% is held by public shareholders.
Reinsurance Products
Himalayan Reinsurance provides support to both life and non-life insurance companies. Like Nepal Re, it too receives mandatory direct cession from all domestic cedant companies (including life, non-life and micro) apart from the regular business. Some of the types of reinsurance products offered by Himalayan Re includes:
- Proportional Treaty
- Non-proportional Treaty
- Facultative
For more details, you can visit their website: himalayanre.com
Credit Rating
Himalayan Re has received “A-” rating from domestic credit rating agency ICRA Nepal, indicating adequate degree of safety regarding timely servicing of financial obligations. Here is the summary of credit rating obtained by Himalayan Re from ICRA Nepal as of June 2024:
Credit Rating Agency: ICRA Nepal
Rating: A-
Date Assigned: June 06, 2022
Date of Re-affirmation: July 03, 2023
Himalayan Re is the first reinsurance company in Nepal to obtain international credit rating. It first obtained its rating from AM Best in February 2022. Company has got B+ rating in financial strength whereas bbb- in Issuer credit long term rating as of June 2024. It gives “stable” outlook to the company profile. Here is the summary of credit rating of Himalayan Re received from AM Best:
Credit Rating Agency: A.M. Best Asia-Pacific (Singapore) Pte. Ltd.
Rating of Financial Strength: B+ (Good)
Rating of Issuer Credit Long-term: bbb- (Good)
Outlook: Stable
Effective date: January 24, 2024
Initial rating date: February 11, 2022
Share Price and Market Analysis
Himalayan Reinsurance Limited was listed in Nepal Stock Exchange (NEPSE) on January 07, 2024. Himalayan Re is traded in the NEPSE share market under the symbol HRL.
For the share price or market analysis along with news of Himalayan Reinsurance Ltd. (HRL), you can check: Mero Lagani, Nepse Alpha, Share Sansar
Contact Details (Head Office)
Website: himalayanre.com
Phone: +977-01-4543432, 01-4003122, 01-4003123
Email: [email protected]
Address: Lalita Bhawan, Opposite to Shital Niwas (President House), Maharajgunj, Kathmandu, Nepal
If you want to know more details about Himalayan Reinsurance Limited, or have some suggestions, you can feel free to write to us.
