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.