General Insurance Corporation of India (GIC Re) has become the first re-insurer to start an office at India’s first International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City).
State government owned GIC Re, which supported the growth of general insurance business in the country through its four wholly-owned subsidiaries for about 30 years has been designated as the national reinsurer in 2001.
It provides reinsurance support to life and non-life insurers in India and abroad, reported The Hindu.
“The company has also decided to be a part of the Indian 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. India’s first IFSC at GIFT City embodies the vision of making India a financial services hub,” said Alice G Vaidyan, Chairman and Managing Director of GIC Re.
GIC Re’s foreign and domestic premium composition now stands at 45:55.