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GIC Re opens IFSC insurance office at GIFT City

Press Trust of India  |  Mumbai 

State-owned reinsurer General Corporation of today said it has opened its IFSC Office (IIO) at Gandhinagar in

International Financial Services Centre (IFSC) is the country's first such centre at International 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 Office will not only strengthen the insurance segment at GIFT IFSC, but will also expand its financial services network to cover re-insurance," 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 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 21 2017. 19:32 IST