“Yes, the government is looking at having a single regulator for all the entities belonging to banking, capital markets and insurance industry located in the IFSC at GIFT City. At present, they are being regulated by regulators like SEBI, RBI and IRDAI. We are awaiting a nod from the government after individual regulators indicated that they are okay with the idea, Gujarat International Finance Tec-City (GIFT) MD Ajay Pandey said in Mumbai.

Willis Re said, property renewals for U.S. markets at Jan.1 showed average rate increases of 5% to 10% for catastrophe loss-hit areas and rates ranging from flat to up 7% for loss-free areas, according to a renewals report from Willis Re, the reinsurance division of Willis Towers Watson. In the Caribbean property market, catastrophe loss-hit areas saw rate increases of 20% to 40%. Canada’s property reinsurance market saw rates rise 10% to 30% in catastrophe-hit areas.

The acquisition of MutRé will enable SCOR, which has been a major technical and commercial partner of MutRé S.A. since the company was created in 1998, to strengthen its Life & Health reinsurance offering to the French mutual insurance industry.

Alice Vaidyan, Chairperson and Managing Director,GIC Re said “The Syndicate formation marks an inflexion point in our corporate history through provision of global business access in collaboration with a globally respected brand and will help us broaden diversification and leverage deployment of capital resources.  The Lloyd’s platform will help us access quality international business and provide us with enhanced balance and diversity.”