India’s insurance regulator has approved two new entities to start operations, including a reinsurance venture that brings Germany’s Allianz back into the Indian market through a partnership with Reliance’s financial services arm.
The Insurance Regulatory and Development Authority of India granted certificates of registration to Allianz Jio Reinsurance Limited, a reinsurer, and Kiwi General Insurance Limited, a general insurer, at its 134th board meeting on 9 March 2026. IRDAI said the approval enabled the two entities “to undertake business in accordance with the applicable regulatory framework.”
The Allianz Jio venture follows a July 2025 agreement between Jio Financial Services and Allianz Europe to create a 50:50 reinsurance joint venture, combining Jio’s local market presence and digital infrastructure with Allianz’s global underwriting and reinsurance capabilities. The entity was formally incorporated in September 2025, and Jio Financial was recently allotted equity shares taking its aggregate investment in the venture to Rs 150 crore.
The re-entry follows Allianz’s exit from its earlier Indian partnership. In March 2025, Allianz agreed to sell its 26% stake in its joint ventures with the Bajaj Group in a transaction valued at $2.8 billion, ending a 24-year partnership. It has completed the sale of a 23% stake in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance to the Bajaj promoter group, with the remaining 3% expected to be divested by the end of July 2026 through a buyback or another route.
Kiwi General Insurance is backed by US-based private equity firm WestBridge Capital and Neelesh Garg, the former managing director and CEO of Tata AIG General Insurance. It cleared the R1 stage, the first step of the insurance registration process, in July 2025. Its registration takes the number of general insurers in India to 25.
The approvals follow the enactment of the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, which came into force on 5 February 2026 and allows 100% foreign direct investment in the re/insurance sector as part of the “Insurance for All by 2047” goal. At the same meeting, IRDAI granted in-principle approval to draft and publish regulations for stakeholder consultation to align the rulebook with the new Act.
Allianz Jio will operate as a fully registered domestic reinsurer. Apart from state-owned GIC Re, Valueattics Re is the only other domestic reinsurer, alongside 11 foreign reinsurance branches set up by global reinsurers such as Munich Re, Swiss Re and Lloyd’s of London, and around 280 cross-border reinsurers.
