Menu

Reinsurance News

India’s GIC Re eyes expansion into Russia, Brazil: reports

30th September 2019 - Author: Charlie Wood

India’s national reinsurance company, General Insurance Corporation (GIC Re), could be moving to open a subsidiary in Russia as the firm looks to increase the volume of foreign business it writes, according to reports from The Hindu Business Line.

GIC ReGIC Re’s long-term goal is to maintain a 50:50 split in foreign and domestic underwriting, with the firm currently closer to 70:30.

Reports also suggest GIC Re is considering the establishment of an office in Brazil in order to serve the South American market.

GIC Re General Manager Devesh Srivastava noted that property is the firm’s “bread and butter” in the international market, that it is currently the world’s largest agricultural reinsurer.

In addition, GIC Re is aiming to expand the business being written from its recently-established Lloyd’s syndicate last April from £50 million to £78 million, a target Srivastava told BuissnessLine he is confident of meeting.

“Next year, we will include a bit more, and we will gradually make it a full-fledged syndicate. We have granular plans that we want to achieve over the next 5-7 years,” he said.

The syndicate is managed by Pembroke, Liberty Mutual Company’s specialist Lloyd’s managing agency, and was supposedly the first Lloyd’s syndicate to be funded exclusively by capital from an Indian reinsurance group.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
D&O rates improve as carriers push to restore profitability: Fitch

Premium pricing has improved significantly for directors and officers (D&O) liability in 2019 as carriers work to restore profitability, according...

Close