“If I were Allianz, I’d be more worried about how to retain Go Digit than the other way around,” Go Digit’s Chairman Kamesh Goyal said during the company’s recent investor call on July 28, dismissing concerns around the current dynamics in the reinsurance landscape.
His statement comes amid two notable developments: The group’s own foray into the reinsurance space via Valueattics Reinsurance on March 13, 2025, and global insurer Allianz forming a 50:50 reinsurance joint venture with Jio Financial Services on July 19, 2025.
Despite these developments, Go Digit says that its business model and reinsurer relationships remain firmly intact.
Allianz has been Go Digit’s lead reinsurer since inception and is currently in the third year of a three-year reinsurance treaty.
Addressing questions about the impact of the upcoming Allianz-Jio reinsurance JV, Goyal said Allianz has reaffirmed its intent to maintain its relationship with Go Digit.
“They’ve told us they wish to continue the relationship, and the contract doesn’t allow for mid-term changes. So we see no impact going into the FY26 renewal,” Goyal said.
Allianz, however, holds no equity stake in Go Digit and is associated purely in a reinsurance capacity.
The new joint venture with Jio Financial Services marks Allianz’s re-entry into the insurance space, following its decision to exit long-standing joint ventures with Bajaj Finserv.
Despite the developments, Goyal underlined that there would be no change to Go Digit’s core business or reinsurance strategy. “All three companies including Go Digit General Insurance, Digit Life Insurance, and Valueattics Reinsurance, have separate CEOs, boards, and shareholders. There is no conflict, and the board has not asked us to alter strategy,” he said.
He said Go Digit will continue to write facultative inward reinsurance wherever appropriate. Meaning, Go Digit, as a direct insurer, will selectively accept reinsurance of individual risks (facultative business) from other insurers, but only when it makes business sense.
Goyal also clarified that Valueattics will focus on treaty reinsurance, a segment not accessible to Go Digit under regulatory norms. “There is no overlap, and certainly no internal competition,” he added
On investor concerns about data confidentiality and potential conflicts of interest, Goyal clarified that the data shared with Allianz is strictly anonymised and portfolio-level in nature.
“They don’t influence our underwriting decisions, and they’ve said they are willing to confirm in writing that there’s no sharing of data between their reinsurance and direct entities,” Goyal said.
Go Digit also pointed to its rising retention capacity as an indicator of growing independence. The company’s retention in the fire insurance segment has increased from 19 percent to 21 percent in the past year, and management signalled that the trend would continue.
“Over time, our retention will only rise. The lead reinsurer will, at best, be equal to us,” Goyal said.
Go Digit made its public market debut in May 2024, raising around Rs 2,615 crore in its IPO. Backed by Fairfax and Goyal’s own Go Digit Infoworks, the company’s investors include Fidelity, ADIA, and Goldman Sachs. It has a current market cap of over Rs 28,000 crore.
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