GIC-RE eyes global footprint with entry into Lloyd's trading in April

SAARC region's largest re-insurer names seasoned Lloyd's market practitioner as Active Underwriter; targets 60:40 domestic to international biz ratio

General Insurance Corporation (GIC-Re) will take a major step forward in its drive to establish a global footprint, offering re-insurance covers across the spectrum, once it starts operations next month in Lloyd's of London international insurance market. 

Lloyd's of London, the primary international insurance market, provides specialist insurance and re-insurance services. The ‘exchange’ began its Indian operations in April 2017, with MS Amlin joining the branch as a re-insurer focused strongly on infrastructure, agriculture and disaster management.

“GIC Re is a market leader in India and SAARC region, having been established for more than 45 years. ‘GIC Syndicate 1947’ has now received permission to commence operations in April 2018, in accordance with Lloyd’s agreed business plan,” the company said in a statement. 

GIC-Re received ‘in principle’ approval from Lloyd’s Franchise Board in December 2017, to create ‘GIC syndicate 1947’, which will the first Lloyd’s-based syndicate backed solely by capital from an Indian reinsurance company. Pembroke, a Liberty Mutual Company, will manage ‘GIC Syndicate 1947’, while Neil Atwood, a Lloyd's market practitioner for over 25 years, has been appointed Active Underwriter.

Atwood had been previously appointed to the same position at Syndicate 1301 in January 2012 by Chaucer Holdings, a specialist insurance business based out of London. He has also held underwriting positions at ERC Frankona, Great Lakes Insurance and Axa Re. 

GIC aims to increase its share of the international reinsurance business, which has reduced by 25 per cent, and wished to achieve a domestic to the international business ratio of 60:40. The company provides reinsurance covers across various product lines like fire, property, marine, motor, engineering, agriculture, aviation, health, liability and credit. 

The company is present in 161 countries, with branch offices in London, Dubai and Kuala Lumpur, representative offices in Moscow, and subsidiaries in the United Kingdom and South Africa. In September 2017, the company was ranked as the 12th best global re-insurer according to Standard and Poor’s research.