GIC Re obtains reinsurance license for Russian subsidiary

GIC Perestrakhovanie Russia, a wholly owned subsidiary of General Insurance Corporation of India (GIC Re), has received a reinsurance license from the Central Bank of Russia on Jan. 30, 2020 to begin operations in the country.

The approval from CBR will allow the reinsurer to expand long-term partnerships with regional markets and fully operate in all main lines of non-life business, including property, construction and other technical risks, air transport, means of water transport, freight, civil and professional responsibility, and specialised occupational risks.

The authorised capital of the company is 600 million rubles ($9.54 million), according to the company's website.

"The creation of the company is a step towards the further development and strengthening of the positions of GIC Re in the reinsurance markets of Russia and the countries of the post-Soviet space, where the corporation has been active since 2002, when the Representative Office was opened in Moscow," said GIC Re.

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