The General Insurance Corporation of India (GIC Re) has opened an office at International Financial Services Centre (IFSC) office in the country's western state of Gujarat.
GIC Re, which is wholly owned by the government of India, provides reinsurance to life and non-life insurers domestically and abroad.
With the new IFSC Insurance Office (IIO) operations at Gujarat International Finance Tec-City (GIFT City), the company plans to grow its risk management and reinsurance offerings to Indian companies and their international ventures.
“Ours is the first reinsurer to set up base at India’s global financial hub at GIFT IFSC," Alice Vaidyan, chairman and managing director of GIC Re, commented.
"While working on our future global expansion plans, GIC Re has also decided to be a part of the Indian effort in building an offshore financial centre at GIFT City," Vaidyan added.
The IFSC in Gujarat is part of India’s vision to become a financial services hub. GIFT City is catering to India’s large financial services potential by offering infrastructure, facilities, financial incentives, uninterrupted connectivity and conducive regulations.
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GIC Re, International Financial Services Centre, Reinsurance, India, Asis Pacific