In a statement, the reinsurer said that ‘GIC Syndicate 1947’ is the first Lloyd’s syndicate to be backed solely by capital from an Indian reinsurance group.
State-owned reinsurer General Insurance Corporation of India (GIC Re) on Thursday said it will commence its operations as a Lloyd's syndicate from April 2018. London-based Lloyd's is a specialist insurance market wherein large insurers come together and form syndicates to cover mega risks.
In December 2017, Lloyd’s Franchise Board granted an in-principle approval to GIC Re to create ‘GIC syndicate 1947’. This syndicate has now received permission to commence operations from April 2018, in accordance with the Lloyd’s-approved business plan. GIC Re got listed on Indian bourses in October 2017.
In a statement, the reinsurer said that ‘GIC Syndicate 1947’ is the first Lloyd’s syndicate to be backed solely by capital from an Indian reinsurance group. Pembroke, a Liberty Mutual Company which is a specialist provider of Lloyd’s managing agency services, will manage the syndicate.
Neil Attwood has been appointed the active underwriter for ‘GIC Syndicate 1947’. Through the syndicate, apart from expanding its global reach, GIC Re will also benchmark with its peers in Lloyd’s, which is the world’s leading market for specialist insurance.
"Pembroke’s expertise in specialty lines coupled with GIC Re’s underwriting & distribution capability in India & other global markets will further develop business opportunities for GIC Re, Pembroke and other participants in the Lloyd’s market," the reinsurer said in its statement.
GIC Re was ranked 12th among the top 40 reinsurers in the world, according to rating agency Standard & Poor’s. A.M. Best, a US-based rating agency, recently affirmed its ‘A-‘ (excellent) rating on the financial strength of the company and its ‘a-‘ rating on its long-term debt, along with a stable outlook.