28 April 2014 News

GIC Re buys South African Saxum Re

Indian reinsurer GIC Re has acquired South African reinsurer Saxum Re in what is the company’s first overseas transaction.

GIC said the deal will increase its diversity and give it a foothold in what it regards as a market with high growth potential.

Johannesburg-based Saxum Re is a composite reinsurer underwriting both life and non-life business.

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