GIC Re in London launch

General Insurance Corporation of India (GIC Re) will expand its international presence next week when Indian Finance Minister Palaniappan Chidambaram officially opens the company’s new London branch office.

The company – India’s national reinsurer – writes treaty and facultative business in a range of classes including property, marine, motor and aviation. In 2006-07 the company wrote net premiums totalling 64.2bn Rupees (£833m), up nearly 52% on the previous year. Its after-tax profit rose 156% to 15.3bn Rupees (£198m) over the same period.

Following approval from UK and Indian regulators, GIC Re is now able to write business directly in the UK for the first time. Its branch office is to focus initially on offering reinsurance cover for insurers involved in underwriting property, aviation and energy-related risks.

The company’s London-based underwriting team will be supported by colleagues in Mumbai, with plans for the state-owned company’s UK presence to expand as business develops.

GIC Re General Manager Mr R Chandrasekaran, who will be among senior officials travelling to London for the launch, said: “In recent years, GIC Re has seen tremendous growth, from an Indian reinsurer into a leading player across Asia and Africa. Our new London branch marks our continued development on the world stage.”

He added: “We have operated a representative office in London for a number of years but until now haven’t been licensed to write business directly. Without full branch status, we were required to pass potential business leads to Mumbai, which was a slow process and meant that we were missing out on contracts. That will all change now.”