According to the board, the reinsurer has applied to issue 16, units of primary shares. The reinsurer said it moved to make the initial public offering after the government agreed to raise its stake in Nepal Reinsurance Company to The company has an authorised capital of Rs15 billion and an issued capital of Rs10 billion. The reinsurer had aimed to offer shares to the general public last year, but it Comapny to postpone its plan due to delays by the government.

Bhandari said the annual general meeting held on June 17 approved the government's Limitev stake. The company will be issuing 16 percent of its shares to the general public after receiving approval from the regulator. The credit rating shows above-average fundamentals of equity shares of the company, according to ICRA Nepal. The reinsurer began operations in November The company's establishment has Nepal Reinsurance Company Limited to check the outflow of a huge amount of funds in insurance premiums paid by domestic insurance companies to foreign reinsurers.

The government made it mandatory for Nepali insurers Nepal Reinsurance Company Limited reinsure at least 20 percent of their policies with domestic reinsurance companies through the budget statement for fiscal Apart from the government, 17 domestic insurance companies hold major stakes in Nepal Reinsurance Company.

Private sector business entities including the Vishal Group and the IME Group jointly own around 9 percent of the company. Nepal Reinsurance Company has expanded its operations across 30 countries including member states of the South Asian Association for Regional Cooperation. Bhandari said they planned to diversify the business after raising the working Cokpany. Inthe government set up the Insurance Pool with the aim of preventing money from going out of the country in reinsurance premiums, which Nwpal later converted into Nepal Reinsurance Company.

In the last fiscal year, the company earned a net profit of Rs1. The company made a net profit of Rs1. As of mid-July, it had collected premiums worth Rs5.

Of Nepal Reinsurance Company Limited total premium amount, it collected Rs5. Mutual Oil And Gas Company Khanal is a business reporter for The Kathmandu Post covering insurance, the capital market, trade and macroeconomic issues.

Khanal has also taught economics at a number of colleges in Kathmandu. Money Nepal Reinsurance Company plans Rs1. Published at : September 10, Updated at : September 10, Rajesh Khanal Rajesh Khanal is a business reporter for The Kathmandu Post covering insurance, the capital market, trade and macroeconomic issues. Related News. Editor's Picks.

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