General Insurance Corporation of India (GIC Re) has secured in-principle approval from the Lloyd’s Franchise Board to establish a new syndicate.
The syndicate will allow GIC Re to expand the group’s international portfolio. The company partnered with Ironshore’s Pembroke Managing Agency to set up and manage the syndicate.
Pembroke is a specialist provider of Lloyd’s managing agency services to third parties. The company guides new entrants through Lloyd’s approval process.
Lloyd’s is considered to be a pre-eminent reinsurance market in the world, where one can access specialty risks that can complement GIC’s existing business lines.
GIC is a state-owned non-life insurance company, that was ranked 12th among the top 40 global reinsurers, as per Standard & Poor's ranking released this September.
GIC chairperson Alice Vaidyan said the Syndicate formation marks an inflexion point in the company's corporate history through provision of global business access in collaboration with a globally respected brand and will help it expand diversification and leverage deployment of capital resources.
"Due to the significant growth of the Indian (re)insurance market, our portfolio has become more India-centric over the past few years. The Lloyd’s platform will help us access quality international business and provide us with enhanced balance and diversity.”
Pembroke Managing Agency strategic partnership director Chris Brown said: “GIC Re will be the first syndicate of its kind backed solely by aligned capital from an Indian reinsurance group.
“We are excited by this opportunity to develop business for the Lloyd's market by harnessing Lloyd's expertise with the unique distribution advantage offered by working with a powerful local partner.”
Image: Ironshore’s Pembroke Managing Agency and GIC Re secure in principle approval for Lloyd’s Syndicate. Photo: courtesy of Chaiwat at FreeDigitalPhotos.net.