General Insurance Corporation., GICBSE is now a step closer in achieving its aim of increasing the share of international business and making India a regional reinsurance hub, as it starts operations in Lloyd’s London office next month.
GIC Syndicate 1947’ has now received permission to commence operations from April 2018, in accordance with the Lloyd’s agreed business plan. This will help GIC Re increase its share of international reinsurance business, which fall fallen to 25%. The country’s listed reinsurance company is looking at achieving domestic and international business in the ratio of 60:40.
The state-owned reinsurance company, received approval to set up a syndicate at Lloyd’s of London in December 2017, which is expected to help broaden and diversify its international portfolio. Lloyd’s is the pre-eminent reinsurance market in the world with access to specialty risks. GIC Re is present across business lines including fire, property, marine, motor, engineering, agriculture, aviation, health, liability and credit.
It has developed overseas business through branch offices in London, Dubai and Kuala Lumpur. The company is present in 161 countries. It has a representative office in Moscow, a subsidiary in the UK,-which is a member of Lloyd’s of London, and a subsidiary in South Africa.