General Insurance Corp. of India, or GIC Re, received in-principle approval from the Lloyd's of London franchise board to set up a new syndicate.

GIC Re has appointed Lloyd's managing agency service provider Pembroke Managing Agency Ltd. to set up and manage the syndicate, which will help the Indian reinsurer broaden and diversify its international portfolio, according to a Dec. 20 statement.

The establishment of a Lloyd's syndicate will also allow the reinsurer to tap quality international business and diversify its operations, said Alice Vaidyan, chairman and managing director of GIC Re.