EarthRe Insurance IFSC Limited, a technology-driven, non-life reinsurance company, has become the first locally incorporated reinsurer in India’s GIFT City after receiving IFSCA approval for its reinsurance licence, as its parent, InRisk Labs, raises USD 27 million in a Series A funding round.
The reinsurer describes the regulatory approval as an important milestone in the development of India’s domestic reinsurance ecosystem.
Parent InRisk Labs, a technology-led risk and reinsurance platform, builds the group’s technology, data, and risk-intelligence infrastructure, and EarthRe deploys that capability via a regulated reinsurance balance sheet focused on India and the broader Global South.
EarthRe says that it has extensive expertise and capabilities across natural catastrophe, climate risk, property, crop, and other specialty lines, by bringing together domain-led underwriting with catastrophe modelling, climate-risk analytics, and advanced structured reinsurance products.
The reinsurer aims to design solutions specifically for the risk characteristics of India and the Global South, including traditional treaty and facultative reinsurance, structured covers, and parametric or index-based products.
Malay Kumar Poddar, Chief Executive Officer, EarthRe, commented: “India will be the most consequential insurance market over the next two decades and you cannot build that future on borrowed balance sheets. Every major economy is underwritten by its own reinsurers; India, for all its scale, needs its own reinsurance capacity. IFSC at GIFT City has changed that by providing a world-class regulatory framework that lets us build homegrown reinsurance capacity, keep the underwriting judgment on Indian risk in India, and serve the Global South from here. EarthRe exists to carry that responsibility.”
Last month, InRisk Labs closed a Series A funding during which it raised USD 27 million, which will be used in part to support the regulatory capital required to scale EarthRe’s operations in India’s reinsurance market.
The raise was co-led by existing investors Bessemer Venture Partners and Northpoint Capital, and will also be used to strengthen the firm’s underwriting, actuarial, catastrophe-modelling and AI capabilities, expand its coverage across nat cat and climate risk, as well as other non-life segments, and accelerate the development of parametric and structured reinsurance solutions.
