India, July 19 -- Fintech company Jio Financial Services (JFS) has inked a binding agreement with insurance giant Allianz Group to form a 50:50 joint venture (JV) for providing reinsurance service in India.

The JV agreement has been signed between JFS and Allianz Group's wholly owned subsidiary Allianz Europe B.V.

In simple terms, reinsurance is like insurance for insurance companies. Reinsurance allows insurance companies to transfer some of their risks to the reinsurer.

While JFS has been slowly expanding its fintech universe to launch services for direct customers, the reinsurance JV is aimed at insurance companies.

"The reinsurance JV between JFS and Allianz will help insurers manage risks more effectively by providing access to s...