State-owned reinsurer General Insurance Corporation of India today said it has opened its IFSC Insurance Office (IIO) at Gandhinagar in Gujarat.
International Financial Services Centre (IFSC) is the country's first such centre at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar.
GIC Re provides reinsurance support to life and non-life insurers in the country and abroad.
"Ours is the first re-insurer to set up base at India's global financial hub at GIFT IFSC," Alice G Vaidyan, chairman and managing director of GIC Re said in a statement.
"While working on our future global expansion plans, GIC Re has also decided to be a part of the Indian effort in building an offshore financial centre at GIFT City," she said.
"The presence of GIC Re IFSC Insurance Office will not only strengthen the insurance segment at GIFT IFSC, but will also expand its financial services network to cover re-insurance," Ajay Pandey, MD and group CEO, GIFT City said.
"We expect to see a multi-fold jump in GIFT IFSC's business transactions in future due to this new inclusion," he said.
In the coming days, the re-insurer will also look at providing its services to the Indian business community in other manufacturing SEZs in India and for their ventures abroad, a company statement said.
With a net worth of about Rs 40,000 crore and total assets of around Rs 85,000 crore as on December 31, GIC Re ranks 14th among the reinsurers world over, on the basis of the gross premium volumes.