Gic Bhutan Reinsurance Co. Ltd. (Thimphu, Thimphu) (Bhutan)

The Company carry on General Insurance Reinsurance business and invest its fund like any Insurance Company in the Country.
The Company was incorporated on May,16th, 2013 under the Companies Act of the Kingdom of Bhutan 2000 and .
The Company was formally launched on September, 5th 2013, by the Hon ble Finance Minister of Bhutan and His Excellency, the Indian Ambassador to Bhutan.
The Company is a Joint Venture (FDI) Reinsurance Company with total paid up capital of Nu.500 million, promoted by two local Promoters viz; Dasho Sangay Wangchuk, chairman of Druk PNB Bank, Bhutan and Aum Damchae Dem, Chairperson of Pelden Group of Companies, each holding 17 share in The Company. General insurance company of India, the wholly owned Reinsurance company by the Government of India, partners The Company holding 26 share. The balance 40 will be offered to the Public through Initial Public Offering, which the company intends to do within January 2014.
The Company enjoys the patronage of the two insurance Companies in the sense that the Reinsurance regulation mandates that 20 of every business underwritten by these two insurance companies have to be ceded to The Company.
The Company will underwrite all forms of reinsurance business, though in a small way initially, given the fact The Company is new and no reserves have been created. However, over time, as The Company grows and had created sufficient reserve,
The Company will start to underwrite in a big way.
The Company is listed on ROYAL STOCK EXCHANGE OF BHUTAN on 20-Apr-14 .