India’s GIC Re plans international expansion, Lloyd's syndicate
India’s state reinsurer GIC Re which is planning to float on the stock exchange wants to grow the reinsurance business outside India to reach around 50 percent of its total gross premiums from currently 30.53 percent.
Gross premiums on a restated consolidated basis in fiscal year 2017 were INR337.41 billion ($5.27 billion).
“We intend to expand our presence in select overseas geographies and markets to continue to grow our reinsurance business written for risks outside of India. Our goal is to achieve a balance of international and India business in terms of premiums,” the company stated in its filing for an for an initial public offering.
As part of the expansion plan, GIC Re wants to establish a syndicate at Lloyd's of London which will write a variety of classes of business from different parts of the world.
The reinsurer also wants to expand its relationships with insurers in the US and accept more US insurance related risks; establish representative offices in China and expand the reinsurance business written in China.
In addition, GIC Re wants to establish a representative office in Brazil to expand the Latin American business. The company also plans to convert its Moscow representative office into a wholly owned subsidiary to expand the reinsurance business in Russia and CIS (Commonwealth of Independent States) countries.
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