Reinsurance News

GIC Re

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

Indian state-owned GIC Re names banks selected for IPO

10th May 2017

Indian state-owned reinsurer GIC Re has listed five banks; HSBC, Citi, Deutsche Bank, Kotak and Axis for its initial public offering (IPO) - with Citi as the listing’s lead manager. The reinsurer, which is currently 100% owned by the state, is awaiting government instructions on how much stake to offer through ... Read the full article

GIC Re becomes first reinsurer to establish base at India’s GIFT City

21st April 2017

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 ... Read the full article

GIC Re doubles growth due to government crop insurance scheme

19th January 2017

Indian state backed reinsurance firm General Insurance Corporation of India (GIC Re) has been able to double its growth thanks to the roll-out of a government backed crop and weather-index insurance scheme. As the state-backed reinsurer, GIC Re has priority on re/insurance schemes such as the Pradhan Mantri Fasal Bima Yojana, ... Read the full article