Himalayan Reinsurance Limited Appoints Sagar Prasad Mulmi as Director, Two Board Seats Remain Vacant

23rd June 2026, Kathmandu

Himalayan Reinsurance Limited has officially appointed Sagar Prasad Mulmi to its Board of Directors, partially filling its governance structure.

Himalayan Reinsurance Appoints Sagar

The executive appointment was finalized during a board of directors meeting held on Asar 8, 2083. Through this boardroom update, the company aims to maintain continuous operational oversight while navigating recent changes in its equity leadership groups. The newly appointed director will take on structural oversight responsibilities immediately, helping steer the company’s financial strategies through upcoming fiscal terms.

Public Shareholder Group Representation and Tenure Limits

The selection of the new director follows standard corporate rules to ensure all investor brackets have a clear voice in company affairs.

The key structural details of the appointment include:

• Shareholder Group Assignment: Sagar Prasad Mulmi enters the board to officially represent the public shareholder group.
• Enforcement Timeline: The appointment took effect immediately following the conclusion of the board meeting.
• Tenure Limitation: The directorship will remain active until the convocation of the next upcoming Annual General Meeting.
• Strategic Objective: This adjustment serves as a routine governance step to preserve minority investor representation during active business cycles.

Review of Corporate Board Resignations and Shareholder Recalls

The latest board restructuring follows a series of resignations and official recalls initiated by prominent institutional promoter groups.

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The administrative changes that altered the board’s setup include the following actions:

• The board accepted the formal resignation of director Deepak Kumar Mishra, who was originally nominated by promoter shareholder Kalika Fincorp Private Limited.
• The company processed the recall of director Prithviraj Thapa, who served as the designated nominee for promoter shareholder Tele Direct Private Limited.
• The concerned promoter group has elected not to name an immediate replacement for the vacated seat during the current session.

These combined departures have left two director positions completely vacant on the central governing board.

Ongoing Governance Adjustments and Administrative Continuity

The reinsurance institution emphasized that these structural shifts represent standard alignment updates designed to reflect changing shareholder dynamics. The company continues to run its daily underwriting operations, risk management protocols, and international retrocession placements smoothly under its existing executive framework. The current management team remains fully authorized to make key corporate decisions while waiting for the promoter groups to nominate candidates for the remaining open seats.

Addressing these boardroom gaps through transparent corporate channels will be a priority during upcoming governance reviews. Ensuring a complete and diverse board helps the company manage large scale financial risks, maintain high credit ratings, and protect the interests of all policyholders and investors. As the only private sector reinsurance company in the country, Himalayan Reinsurance Limited remains dedicated to upholding strict corporate governance standards to drive long term growth in the regional insurance marketplace.

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