General Insurance Corp. Re gets Lloyd's entry

MUMBAI: General Insurance Corp. Re, the listed reinsurer today received approval to set up syndicate at Lloyd’s of London. The move will help enable GIC Re to broaden and diversify its international portfolio.

The Lloyd’s platform will help GIC Re tap into international business and spread into other businesses. In a statement issued today, the company said that Lloyd’s Franchise Board has granted “In principle” approval of GIC Re’s application to create a new Syndicate at Lloyd’s.

“The Syndicate formation marks an inflexion point in our corporate history through provision of global business access in collaboration with a globally respected brand and will help us broaden diversification and leverage deployment of capital resources,” said Alice Vaidyan, Chairman and Managing Director of GIC Re.


With the spurt in crop insurance, GIC Re’s had seen significant growth from the Indian insurance market. The share of India business has risen by over 10% in the last couple of years.

“GIC Re will be the first Syndicate of its kind backed solely by aligned capital from an Indian reinsurance group, said Chris Brown, Strategic Partnership Director at Pembroke Managing Agency. “We are excited by this opportunity to develop business for the Lloyd’s market by harnessing Lloyd’s expertise with the unique distribution advantage offered by working with a powerful local partner.”With the spurt in crop insurance, GIC Re’s had seen significant growth from the Indian insurance market.