GIC Re has also branch offices in London and Kuala Lumpur. In April 2018, syndicate fully capitalised by GIC Re became operational at Lloyd’s of London. GIC Re has 100% subsidiary in South Africa, Russia, United Kingdom and also associate companies in Bhutan, Singapore and India. It transacts business across the world in 13 7 countries
Mumbai: State owned GIC Re, the 10th largest global reinsurer, has decided to set up a wholly owned subsidiary, GIC Re, India Service Company, in the United Kingdom
On Monday, the GIC Board has accorded in-principle approval for the incorporation of the subsidiary in London which will be a kind of managing agency to run its Lloyd’s syndicate GIC1947.
Currently, it is is being outsourced to a third party agency.
The approval from Insurance Regulatory and Development Authority of India (IRDAI) for formation of wholly owned subsidiary will be sought before making the investment as per Foreign Exchange Management (Overseas Investment) Directions, said GIC Re.
It has also branch offices in London and Kuala Lumpur. In April 2018, syndicate fully capitalised by GIC Re became operational at Lloyd’s of London. This syndicate is expected to scale up over the next few quarters towards achieving the medium-term management objective of achieving 60:40 (domestic: international) risk portfolio composition.
Additionally, GIC Re has 100% subsidiary in South Africa, Russia, United Kingdom and also associate companies in Bhutan, Singapore and India. GIC Re is transacting business across the world in 13 7 countries.
Internationally, GIC Re is an effective reinsurance partner for the Afro-Asian region, leading the reinsurance programmes of several insurance companies in Middle East and North Africa, and Asia including SAARC countries.
Over the quarters, GIC Re has catered to domestic support through managing Pools and proved a reliable partner for all the social financial schemes of the Government of India.
GIC Re’s business model enables it to benefit from the expected growth of both the primary insurance and reinsurance markets in India as well as other large and fast-growing markets.
GIC Re believes in diversified reinsurance products which effects better exposure management by limiting and mitigating risks. GIC Re is expected to maintain market leadership going forward on strong financials, adequate capacity and expertise.