General Insurance Corporation of India (GIC Re) has become the first re-insurer to open its IFSC Insurance Office (IIO) at India’s first International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) here today.

Alice G Vaidyan, Chairman and Managing Director, GIC Re, said the company has decided to be a part of the country’s effort in building an offshore financial centre at GIFT City. GIC Re’s experience of working in other global IFSCs could be shared with GIFT IFSC, she added.

With a net worth of about Rs. 40,000 crore and total assets of Rs.85,000 crore, as on December 31, 216, GIC Re ranks 14th among the reinsurers the world over, on the basis of the gross premium volumes (2016).