21 March 2018

GIC Re to Operate from Lloyd’s in London

GIC Re to Operate from Lloyd’s in London


General Insurance Corporation is going to start operations at the Lloyd’s London office in April  2018 thereby increasing its share of international business. This will also facilitate Indian becoming a regional reinsurance center.
This will help GIC Re increase its share of international reinsurance business. The company had received approval to set up a syndicate at Lloyd’s of London in December 2017. GIC Syndicate 1947 will be the first Lloyd’s syndicate to be backed solely by capital from an Indian reinsurance group.

Source- The Economic Times

Static/Current Takeaways Important for NABARD Grade-A Exam 2018-
  • It was incorporated in November 1972 under the Companies Act, 1956 as a private company limited by shares.
  • Alice G Vaidyan is the Chairman-cum-Managing Director of GIC.
  • Its headquarters in Mumbai, Maharashtra.

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