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Fintech company Jio Financial Services (JFS) has inked a binding agreement with insurance giant Allianz Group to form a 50:50 joint venture (JV) for providing reinsurance service in India.
The JV agreement has been signed between JFS and Allianz Group’s wholly owned subsidiary Allianz Europe B.V.
In simple terms, reinsurance is like insurance for insurance companies. Reinsurance allows insurance companies to transfer some of their risks to the reinsurer.
While JFS has been slowly expanding its fintech universe to launch services for direct customers, the reinsurance JV is aimed at insurance companies.
“The reinsurance JV between JFS and Allianz will help insurers manage risks more effectively by providing access to strong underwriting capabilities and competitive capacity – ultimately strengthening the resilience of the entire insurance ecosystem. The JV will launch operations post receipt of statutory and regulatory approvals,” the statement said.
Besides, JFS and Allianz said they have also entered into a non-binding agreement to set up JVs for general and life insurance business in the country.
It is pertinent to mention that JFS currently distributes life, general and health insurance plans of its partners via Jio Insurance Broking Ltd.
The development comes months after the Allianz Group ended its 24 years insurance partnership with the Bajaj Group.
(The story will be updated soon)
The post Jio Financial Services Forms JV With Allianz For Reinsurance Business appeared first on Inc42 Media.
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