Incorporated in 1972, General Insurance Corporation of India (GIC) is the largest reinsurance company in India in terms of gross premiums accepted in FY17, and it has accounted for approximately 60% of the premiums ceded by Indian insurers to reinsurers during FY17. GIC Re provides reinsurance across many key business lines including fire (property), marine, motor, engineering, agriculture, aviation/space, health, liability, credit and financial and life insurance.
GIC Re was a wholly-owned company of the Government of India until it issued its first tranche of IPO shares in October 2017.
The Corporation has also diversified its business geographically to grow its underwriting business and profitability as well as to maintain a balanced portfolio of risks. It has developed its overseas business through its home office in Mumbai, branch offices in London, Dubai and Kuala Lumpur, a representative office in Moscow and a subsidiary in the United Kingdom that is a member of Lloyd’s of London and a subsidiary in South Africa. The Lloyd’s Franchise Board has recently granted “In principle” approval of GIC Re’s application to create a new Syndicate at Lloyd’s.
Through its more than 44 years of experience and commitment in providing reinsurance products and services, GIC Re has become a trusted brand to its insurance and reinsurance customers in India and overseas. It is ranked as the 12th largest global reinsurer in 2016 in terms of gross premiums accepted.
GIC have been rated “A-” (Excellent) with a stable outlook by AM Best for 10 consecutive years