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GIC Re to operate from Lloyd’s in London

General Insurance Corporation is expected to start operations at the Lloyd’s London office in April thereby increasing its share of international business. This will also facilitate Indian becoming a regional reinsurance center. The reinsurer said GIC Syndicate 1947 has now received permission to commence operations from April 2018, in accordance with the Lloyd’s agreed business plan. It added that Pembroke, a Liberty Mutual Company which is a specialist provider of Lloyd’s managing agency services, will manage the GIC Syndicate 1947. This will help GIC Re increase its share of international reinsurance business. The company had received approval to set up a syndicate at Lloyd’s of London in December 2017. It is now present across business lines including fire, property, marine, motor, engineering, agriculture, aviation, health, liability and credit. It has branch offices in London, Dubai and Kuala Lumpur and is also present in 161 countries. GIC Syndicate 1947 will be the first Lloyd’s syndicate to be backed solely by capital from an Indian reinsurance group.

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