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GIC-Bhutan Reinsurance Company Limited was incorporated on 16th May 2013 under the Companies Act 2000 of the Kingdom of Bhutan. The company was licensed to carry on General Reinsurance business on 12th August 2013 under Financial Services Act 2011. The Company was formally launched on the 5th of September 2013, by the Hon’ble Finance Minister of Bhutan and His Excellency, the Indian Ambassador to Bhutan. GIC-Bhutan Reinsurance Company Limited is a Joint Venture Foreign Direct Investment (FDI) company with an initial paid-up capital of Nu 500 Mln and now with the issue of rights share in the financial year 2020 it is enhanced to Nu. 1,100 Mln. It is promoted by General Insurance Corporation of India (GIC Re) holding 26% share and two Bhutanese promotors Dasho Sangay Wangchuk and Aum Damche Dem, each holding 17% share. The remaining 40% share is offered to the public through Initial Public Offering (IPO).