GIC Re in talks with Lloyd’s

Indian reinsurer GIC Re has confirmed it is in talks with Lloyd’s, as it plans to expand its operations overseas.

A spokesperson for the reinsurer also confirmed that it was venturing into the US markets, as it seeks to increase its global footprint.

The Insurance Amendment Bill, which is currently pending Parliamentary approval, seeks to increase foreign direct investment in the sector, including the reinsurance segment, to 49 percent from the current 26 percent.

Speaking to the Press Trust of India, A K Roy, chairman and managing director of GIC Re, said: "It depends on a lot of back- end preparations and it requires manpower too. But, at the same time if a good opportunity for expansion comes, we will look at it.”

In April this year, the reinsurer made its first overseas transaction with the acquisition South African reinsurer Saxum Re.