Reinsurance News


India primed to become global reinsurance hub, says regulator

23rd January 2019

A number of factors, including recent regulatory changes, geography, economic growth and exposure to natural catastrophes have positioned India to become a global reinsurance hub, according to the International Regulatory and Development Authority of India (IRDAI). IRDAI noted in its annual report that India currently has very low levels of insurance ... Read the full article

Indian regulator retains first preference rule for GIC Re

14th December 2018

The Insurance Regulatory Authority of India (IRDAI) has announced that it will retain its first preference rules, which require that cedants give first refusal in reinsurance contracts to the country's only active domestic reinsurer, GIC Re. Newly released reinsurance regulations state that from 1 January 2019 insurers will have to give ... Read the full article

Indian regulator upholds GIC Re’s right of first refusal

1st October 2018

The Insurance Regulatory and Development Authority of India (IRDAI) has decided to maintain its established ‘order of preference’ guidelines, which grant GIC Re first refusal to all reinsurance business placed in India, according to sources at BloombergQuint. The new regulations were finalised at a meeting on 28 September and will come ... Read the full article

MS Amlin & GIC Re reinsure India’s first domestic P&I market entry

19th June 2018

State-backed New India Assurance recently announced the launch of protection & indemnity (P&I) cover for the inland and coastal vessels, starting with local routes, with reports citing GIC Re and MS Amlin as its reinsurance partners. The protection is reportedly the country's first P&I cover by a domestic insurance company, and ... Read the full article

GIC Re to lead largest Indian offshore oil & gas re/insurance program

4th April 2018

GIC Re has won the bid to be the lead re/insurer for India's government backed offshore energy provider Oil and Natural Gas Corporation (ONGC). State-run reinsurer General Insurance Corp of India (GIC Re) will be able to take a 15% line on the ONGC program, which looks to re/insure upstream offshore ... Read the full article

India’s GIC Re to open Lloyd’s syndicate in April

16th March 2018

General Insurance Corporation of India (GIC Re), the country's state-owned reinsurer, has announced that it will begin operations as a Lloyd’s of London syndicate in April 2018, in accordance with a Lloyd’s approved business plan. The syndicate is to be managed by Pembroke, Liberty Mutual Company’s (LMC) specialist Lloyd’s managing agency, ... Read the full article

Largest industrial insurance placement completed in India

4th January 2018

India's state-run reinsurer, General Insurance Corp of India (GIC Re), has entered into a reinsurance agreement with Reliance Industries, under which GIC Re will provide reinsurance support to the organisations refinery and petrochemical plants at Jamnagar and Hazira in Gujarat, according to industry reports. There seems to be some confusion about the ... Read the full article

GIC Re syndicate at Lloyd’s approved to proceed

20th December 2017

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 ... Read the full article

GIC Re IPO raises $1.5 billion

13th October 2017

In the country's biggest listing in seven years, the Indian government raised about 98 billion rupees, US$1.5 billion, in GIC Re's Initial Public Offering (IPO) which closed today, Reuters reported. State-run reinsurer General Insurance Corp of India (GIC Re) had aimed to raise up to $1.7 billion in its IPO that ... Read the full article

GIC Re aims to raise $1.7 billion in its initial IPO

4th October 2017

State-run reinsurer General Insurance Corp of India (GIC Re) is aiming to raise up to $1.7 billion in its initial public offering, that is set to run from October 11-13th, according to a public notice, Reuters reported. The upcoming IPO will see the Indian government sell 107.5 million shares of GIC ... Read the full article

GIC Re plans ambitious international growth including Lloyd’s syndicate

10th August 2017

Indian state-owned General Insurance Corporation (GIC Re) has announced ambitious plans to diversify its revenue base into the life segment and expand business lines throughout the global market, in a red herring prospectus. The firm recently filed an Initial Public Offering (IPO) constituting 14.22% of the firm’s post-offer paid-up equity share ... Read the full article

GIC Re files for IPO

7th August 2017

India's state-backed reinsurance company, General Insurance Corporation of India (GIC Re), has filed for an initial public offering (IPO) with the Securities and Exchange Board of India. According to a draft red herring prospectus, filed August 7th, 2017, the firm plans to sell 17.2 million new shares, while the government, which currently ... Read the full article

ITI Reinsurance calls on the IRDAI to level the playing field

25th July 2017

India's first private reinsurance firm, ITI Reinsurance, is reportedly considering whether to surrender its licence as it feels regulations implemented by the Insurance Regulatory and Development Authority of India (IRDAI) hinder the growth and development of new reinsurers, according to reports from the region. Reports from India, citing a discussion between industry executives ... Read the full article

GIC to launch $1.44 billion IPO in September

14th June 2017

The General Insurance Corporation of India (GIC) is expected to launch its $1.44 billion (Rs 9,000 crore) initial public offering (IPO) from September to October, money control news reported. This represents a 10% company stake sale issue by the Indian government. GIC reported a gross premium for the financial year at Rs 33,585 ... Read the full article

Pricing discipline needed in Indian re/insurance market: reports

6th June 2017

India's state-backed reinsurer, the General Insurance Corporation's (GIC Re) chairperson, Alice Vaidyan, highlighted the need for pricing discipline and a level playing field to achieve long-term sustainability in the re/insurance industry in India, in an interview with The Economic Times. The reinsurer, which benefits from India's policy of offering first-picks in ... Read the full article