On October 7, 2015, Joko Widodo, president of the Indonesian Republic signed the agreement for the official launch of a new state-owned reinsurer in Indonesia. Called Indonesia Re, the new company resulting from the merger of two public reinsurers Reasuransi reinsurers, PT Internasional Indonesia (ReINDO) and PT Reasuransi Nasional Indonesia (Nasre), has started its activities with a total assets of 4 400 billion IDR (300.9 million USD) and a shareholder's equity estimated at 1 500 billion IDR (102.6 million USD).
This initiative approved by the country's regulatory authority (OJK) aims to increase the retention rate of the local insurance companies. Indonesia Re will operate through two subsidiaries: PT Asuransi Asei Indonesia and PT Reasuransi Internasional Indonesia.