General Insurance Corporation of India (GIC Re) has now received its in principal approval to establish a new syndicate to operate in the Lloyd’s of London market.
The Lloyd’s Franchise Board has approved the move to enter the London-based insurance and reinsurance market, which will help GIC Re move closer to its goal of gaining greater global diversification through expansion.
Pembroke Managing Agency, a division of Ironshore, is slated to help GIC Re set up and manage the syndicate at Lloyd’s.
The two companies believe that Pembroke’s experience in underwriting speciality lines of insurance and reinsurance alongside GIC Re’s regional expertise, will help to create greater opportunities for the Indian re/insurer as it looks to build out a portfolio of business at Lloyd’s.
GIC Re Managing Directory Alice Vaidyan commented on the news, “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.”
Pembroke Partnership Director Chris Brown added, “GIC Re will be the first syndicate of its kind backed solely by aligned capital from an Indian reinsurance group.”
The access to business gained by operating a Lloyd’s syndicate will be invaluable as GIC Re looks to put its capacity to work more broadly, in search of globally diversified underwriting returns.
