The General Insurance Corporation of India (GIC Re), the country’s state-backed reinsurance entity, has now opened its office at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City), after more than a year’s planning.
The opening of GIC Re’s IFSC Insurance Office sees it become the first reinsurance firm to establish a base at GIFT City – India’s first smart city that is designed to help India establish itself as a leading, global financial services hub.
Via its new IFSC Insurance Office the reinsurer is hoping to expand its business in the international financial hub and provide risk management and reinsurance support services to other entities at GIFT City.
Chairman and Managing Director of GIC Re, Alice Vaidyan, said; “Ours is the first re-insurer to set up base at India’s global financial hub at GIFT IFSC. While working on our future global expansion plans, GIC Re has also decided to be a part of the Indian effort in building an offshore financial centre at GIFT City.”
According to reports from moneycontrol.com the reinsurer will seek to offer its reinsurance and other services to the broader Indian business community in other manufacturing special economic zones (SEZs) in the region, and also for their overseas ventures.
Managing Director and Group Chief Executive Officer (CEO), GIFT City, Ajay Pandey said; “We expect to see a multi-fold jump in GIFT IFSC’s business transactions in future due to this new inclusion.”
GIFT City expects the entry of GIC Re to strengthen the insurance sector at GIFT IFSC, and also expand its financial services network to cover reinsurance.