India-based re-insurer GIC Re is reportedly planning to expand its operations overseas, in order to boost its presence worldwide.

The Insurance Amendment Bill, which is pending parliamentary approval, is expected to build competition for domestic players with the increase in foreign direct investment (FDI) in the sector, including the reinsurance segment, reported Press Trust of India (PTI).

GIC Re chairman and managing director A K Roy was quoted by PTI as saying that the company is expanding operations on foreign soil.

"We have acquired Saxum Re, a South African firm, early this year and we are working on to acquire one from Llyods in London," Roy added.

"We are waiting for the right opportunity for this. We are also venturing into the US markets, which is the world’s largest general insurance market."

The chairman has not disclosed details of where the company intends to expand through potential acquisitions, nor the timeline and size of the transactions.

The re-insurer, which aims to become the fifth largest firm by 2025, gets 50% of its INR150bn ($247m) income from overseas markets.