GIC Re gets green light for new Lloyd's syndicate
The General Insurance Corporation of India (GIC Re) has received “in principle” approval from the Lloyd’s Franchise Board to create a new syndicate, its managing agency Pembroke has confirmed.
Earlier this year, the Indian reinsurer had revealed its plan to expand its presence in select overseas markets, and establish a syndicate at Lloyd's of London which will write a variety of classes of business from different parts of the world.
Pembroke, a division of Ironshore, is a specialist provider of Lloyd's managing agency services to third parties. The company said that the combination of Pembroke’s specialty lines underwriting capability and GIC Re’s regional expertise will create mutually beneficial development opportunities for GIC Re, Pembroke and other participants in the Lloyd’s market.
“The Syndicate formation marks an inflexion point in our corporate history through provision of global business access in collaboration with a globally respected brand and will help us broaden diversification and leverage deployment of capital resources," said Alice Vaidyan, chairman and managing director of GIC Re.
"Due to the significant growth of the Indian (re)insurance market, our portfolio has become more India-centric over the past few years. The Lloyd’s platform will help us access quality international business and provide us with enhanced balance and diversity."
Chris Brown, strategic partnership director at Pembroke Managing Agency, added: "GIC Re will be the first Syndicate of its kind backed solely by aligned capital from an Indian reinsurance group. We are excited by this opportunity to develop business for the Lloyd’s market by harnessing Lloyd’s expertise with the unique distribution advantage offered by working with a powerful local partner."
GIC Re is ranked 12th amongst the top 40 global reinsurers, as published by Standard & Poor’s in September 2017. It has an established footprint in the Afro Asian region, where it has been operating for over 45 years.
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