General Insurance Corp. of India, or GIC Re, obtained approval to kick off operations at Lloyd's of London in April, The Economic Times reported March 15, citing a company statement.
The new syndicate, named "GIC Syndicate 1947," will operate in accordance with Lloyd's agreed business plan. The move will enable the Indian company to increase its share of international reinsurance business, which has dropped to 25%.
Pembroke Managing Agency Ltd., which serves as a specialist provider of Lloyd's managing agency services, will manage the new syndicate.
GIC Re in December 2017 received in-principle approval from Lloyd's franchise board to set up a new syndicate.
