Every September 5, we celebrate more than the Foundation Day of GIC-Bhutan Re. We celebrate the vision, determination, and collective effort that brought Bhutan’s first domestic reinsurer into existence and shaped it into the institution it is today.
It marks a moment to look back with gratitude at where the journey began, while also looking ahead with confidence at where it is taking us. From establishing a new institution in Bhutan’s financial landscape to building capabilities, expanding our reach, and strengthening our foundation for the future, every chapter has been shaped by people who believed in the purpose of what we were building.
The journey has never been the work of one individual alone. It has been guided by the leadership of successive CEOs, the support and stewardship of the Board of Directors, the commitment of the Management, and the dedication of the people who have contributed to GIC-Bhutan Re across the years have been equally important in turning vision into progress. Together, they have provided the continuity, guidance, and continuous effort that have carried the Company through each stage of its evolution.
As we commemorate another year of operation, it is an opportunity to reflect on that journey-not simply through milestones and numbers, but through the leadership and collective institutional effort that helped shape GIC-Bhutan Re.
The story of GIC-Bhutan Re is, in many ways, a story of three distinct phases: building the foundation, driving growth, and strengthening stability. Each phase brought its own challenges, priorities, and opportunities, and each CEO played a defining role in carrying the institution forward, with the Board, Management, and wider team providing the support and strength behind that growth.
This Foundation Day, we look back at that journey through the eyes of the leaders who helped shape it-and the institution that was built together.
From Startup to Stability: A Decade of Growth Through Leadership
“GIC-Bhutan Re: Our Story Begins in 2013” marked the chronicle of beginning a national initiative to establish Bhutan’s first domestic reinsurer (gicbhutanre.com). Created to provide specialized reinsurance solutions, strengthen the domestic insurance sector, and support Bhutan’s broader economic development, GIC-Bhutan Re has since grown into a trusted and steadily evolving institution.
Its journey has been shaped not only by strategy and market forces, but by leadership at different stages that responded to the needs of the moment, aiding a transformative journey of a newly established reinsurer into the stable and forward-looking organization it is today.
Each leader guided the Company through a distinct phase, and together they form one continuous story of building the foundation, driving growth, and strengthening stability.
Three CEOs. Three Distinct Phases. One Continuous Journey.
Building the Foundation: Creating Something New (2013–2017)
The Startup Years Under the First CEO
In 2013, GIC-Bhutan Re was not simply launched-it was established as the realization of a national vision into an uncharted territory. As Bhutan’s first domestic reinsurer, it entered a space where there were few precedents and even fewer established frameworks to follow. Much of the journey ahead would involve building systems, capabilities, and confidence from the ground up. While the vision was clear, the path forward required persistence, careful planning, and the willingness to walk through uncharted territory.
The challenge was larger than setting up operations. It was about creating trust, capability, and an entirely new institutional foundation for Bhutan’s insurance ecosystem.
The founding CEO, Mr.Wangchuk Namgyel, reflected:
“We never had a dedicated reinsurance company, and the responsibility of creating one from the ground up was both daunting and inspiring.”
With a team of just six members, the early years were defined by construction in its purest form-building governance systems, underwriting processes, operational frameworks, and relationships with insurers and regulators simultaneously.
Source: GICB Archive
As the CEO later reflected, those early years were not defined by structure, but by effort, adaptability, and shared purpose:
“We were not simply starting a company, we were building an institution that would help shape the future of Bhutan’s insurance industry.”
Progress was not measured in scale, but in stability. Each milestone meant the same thing: one more step from concept to reality. Systems were strengthened, capabilities were developed, and gradually, the organization began to find its footing in the market.
Another reflection from the early journey captures the spirit of that transformation:
“For the first time, Bhutan had its own national reinsurer, capable of strengthening the domestic financial system.”
By 2017, that effort had taken shape. GIC-Bhutan Re was no longer an idea-it was a functioning institution with credibility, structure, and growing recognition.
Looking back, the founding CEO reflects not on numbers or expansion alone, but on something more enduring:
“The greatest achievement was not measured in growth or numbers, but in the creation of an institution that did not exist before-built day by day through teamwork, perseverance, and shared purpose. Each challenge carried with it the excitement of creating something lasting for Bhutan’s financial sector. As a founding member, it is deeply fulfilling to now see the institution continue to grow and thrive.”
The foundation had been built. The next chapter would be about growth.
Leading Growth and Expanding Horizons (2017–2019)
With its foundation in place, GIC-Bhutan Re entered a new phase in 2017 under the leadership of Mr. Vikrant Gangadhar Parate. The focus shifted from building systems to expanding reach.
This was the phase where structure turned into movement.
The Company began extending its presence beyond Bhutan, gradually building relationships across more than 20 international markets. What had started as a national institution was now finding its place in a wider regional ecosystem.
In 2018, this momentum was recognized when GIC-Bhutan Re received the “Best Emerging Reinsurance Company” award at the Emerging Asia Insurance Award & Conclave in Bangkok. The recognition reflected not just performance, but credibility earned in a relatively short time. It also reinforced GIC-Bhutan Re’s reputation among industry peers and validated the strategic direction pursued since its establishment.
Another defining moment came with the first dividend declaration. It was more than a financial milestone-it marked a shift in identity. The Company was no longer only building capacity, it was now generating consistent value as a stable and growing enterprise.
For shareholders, it was validation. For the institution, it was maturity beginning to take shape.
By the end of this phase, GIC-Bhutan Re had moved beyond emergence. It had become a recognized regional reinsurer with growing confidence in its direction.
Every process, partnership, and strategic decision carried added significance as it positioned the Company for its next phase of growth and enduring value creation.
Strengthening Stability and Building for the Future (2020–Present):
Leadership of CEO 3:
By 2020, GIC-Bhutan Re had already moved beyond its formative startup years and early expansion phase. The organization had established its foundations, built operational strength, and earned its position within the market.
When Mr. Kesang Wangdi assumed leadership as Chief Executive Officer in 2020, GIC-Bhutan Re entered a new chapter defined by continuity and transformation. The Company entered a phase defined by consolidation, discipline, and long-term thinking. The emphasis moved inward: strengthening systems, improving governance, and building resilience for the future.
One of the earliest priorities under the current leadership was reinforcing financial discipline and institutional credibility. In 2020, the Company reinstated its financials for greater accuracy and strengthened internal controls. In the same year, the Company aided by dynamic leading, successfully resolved a tax appeal case with the Government, resulting in a favorable outcome and tax savings of Nu. 52 million-reinforcing both discipline and capability.
These early decisions were not isolated achievements, but important steps in strengthening the financial and governance foundation on which future growth would rest.
Building on this foundation and guided by the dynamic leadership, GIC-Bhutan Re continued to deliver consistent and disciplined growth between 2020 and 2025.
GIC-Bhutan Re delivered consistent double-digit growth in both Gross Written Premium (GWP) and profitability, reflecting not just expansion, but control.
At the same time, the Company’s financial base strengthened significantly. General reserves grew from near zero to around Nu. 800 million, while the investment portfolio expanded from Nu. 1.2 billion to Nu. 5.6 billion.
A key milestone in this phase was the successful rights issue in 2020 at a ratio of 1:1.2, which increased paid-up capital from Nu. 500 million to Nu. 1.1 billion. This not only strengthened the capital base but also enhanced the Company’s capacity to support future strategic growth.
Alongside financial progress, through the renewed vision of CEO, the most visible transformation was internal. Recognizing that sustainable growth is built on people and structure, the CEO supported the expansion of organizational framework from five departments to nine. Staff strength more than doubled during this period, increasing from 17 to 39 professionals.
This expansion significantly enhanced technical depth, operational efficiency, and institutional capacity, enabling the Company to respond more effectively to evolving industry demands.
This stability also translated into consistent value creation. Dividends rose steadily from 7% in 2022 to 20% in 2025, reflecting both financial strength and long-term confidence.
As GIC-Bhutan Re moves forward, the focus remains on sustaining growth while gradually expanding its footprint in regional and global markets in line with the words of the CEO,
“We strive to grow year on year at double digit in both top and bottom line, while gradually increasing our presence in regional and global markets.”
This phase represents the continuation of a journey that began with establishment and growth, and has now evolved into one defined by strength, discipline, and institutional maturity under current leadership.
Three Chapters, One Journey
Looking back, GIC-Bhutan Re’s story is not defined by three separate leadership tenures, but by a continuous evolution shaped by changing priorities.
The first phase was about building something that did not exist.
The second was about expanding what had been built.
The third is about strengthening what has been achieved.
Each CEO did not replace the previous chapter-they extended it.
Together, these leadership phases tell the story of how lasting institutions are built-not through a single achievement, but through years of collective effort, shared purpose, and leadership continuity. Each chapter built upon the one before it, shaped by time, experience, and continuity, contributed to the organization GIC-Bhutan Re is today.
Looking Ahead
As GIC-Bhutan Re moves forward, it does so in a landscape that continues to evolve-bringing both complexity and opportunity. Yet the foundation remains steady.
The principles that have guided the Company since its earliest days remain unchanged: Professionalism, Trust, Reliability and a commitment to serving Bhutan’s reinsurance sector.
The focus now is not only growth, but sustainable growth: expanding thoughtfully, strengthening continuously, and building long-term value.
From startup to stability, this journey reflects more than institutional progress. It reflects persistence, adaptation, and leadership carried forward over time.
As we celebrate another Foundation Day, we reflect with gratitude and pride on the journey that has brought GIC-Bhutan Re from its humble beginnings in 2013 to the institution it is today. This journey has been made possible through the unanimous efforts of successive CEOs, the guidance of the Board, the commitment of Management, and the dedication of our team across the years. Each chapter has built upon the one before it, strengthening the Company and deepening its contribution to Bhutan’s reinsurance sector. As we celebrate how far we have come, we also look ahead with renewed purpose-to build on this strong foundation, embrace new opportunities, and continue creating sustainable value for our stakeholders and for Bhutan.