Mumbai:
GIC Re’s operations in Brazil gets status upgrade from ‘occasional reinsurer’ to ‘admitted reinsurer’ by the Brazilian Superintendence of Private Insurance (SUSEP). This will enable more reinsurance business in Brazilian market. The upgrade is another step by GIC Re in steadily moving to a global leadership position in the International reinsurance space.
Its Russian subsidiary was licensed in January 2020.
Devesh Srivastava, CMD, GIC Re, said “The upgrade to the new status was published in Brazilian Official Gazette, on April 14, 2020, through an ordinance by SUSEP. The license will allow the company to expand its presence and do more reinsurance business in Brazil. It is valid for an indefinite period.However, the admitted reinsurer is mandated to submit annual documents to SUSEP. The Americas have been a territory where the footprint of GIC Re has traditionally been weak and this will present us with good opportunities to harness more business and forge relationships in the area.”
GIC Re, the 11 largest global reinsurer, has branches in Dubai, London, Malaysia and has subsidiaries in Russia and South Africa. It also has Syndicate in Lloyd's. The reinsurer receives almost 30 per cent of its premuims from overseas market where Asian markets contributes the most.However it is now targeting larger business from USA and Europe.