The specialist broker places c. £2bn worth of premiums annually through its operations in the UK, Lloyd’s and internationally.
The downgrade 'creates a gap in the market that many will be eager to fill', says New Dawn Risk CEO.
GIC is the largest reinsurer in India, with over a 75 percent market share.
GIC Re also plans to service the former Soviet Union countries from its Moscow office.
With India providing the bedrock for its operations in the region, GIC Re sees the wider Asia-Pacific region as the growth engine for the world economy and its own aims, Devesh Srivastava of GIC Re told SIRC Today.
With India providing the bedrock for its operations in the region, GIC Re sees the wider Asia-Pacific region as the growth engine for both the world economy and its own aims, Devesh Srivastava of GIC Re told APCIA Today.
The Latin American region is still not tapped to its full potential and is on the radar of GIC Re to expand its business, Alice Vaidyan, chairman-cum-managing director, GIC Re, told Fides Today.
The Indian market remains the core of GIC Re’s business and it is growing fast, but the reinsurer is increasingly capitalising on opportunities overseas as well, as Alice Vaidyan of GIC Re told Monte Carlo Today.
Alice G Vaidyan, chairman and managing director of the Indian state-owned reinsurer General Insurance Corporation of India (GIC Re), is retiring at the end of July, Intelligent Insurer can reveal.
Foreign reinsurers operating in India will now stand a better chance of winning business in the country after the Insurance Regulatory Authority of India (IRDAI) changed its rules around how domestic insurers buy reinsurance, according to media reports in India.