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GIC Re eyes global expansion with acquisition of Lloyd’s syndicates

General Insurance Corporation (GIC Re), the Indian government owned sole reinsurer, is seriously considering expanding reinsurance business beyond domestic boundary through the acquisition of some Lloyd’s syndicates.

Speaking at a press conference, GIC Re chairman and managing director AK Roy was quoted by as saying that there are 80 syndicates of Lloyd’s.

"We are looking at buying out some syndicates that need capital," Roy added.

He further stressed that working with the Lloyd’s of London syndicates will enable the company to trade in 60 different nations where they have a license.

Lloyd’s of London does not operate as a company, but acts as an insurance and reinsurance market place where member firms come together as syndicates to insure risk.

As part of its growth strategy, the company is also looking to establish joint ventures (JVs) with other multinational insurance organizations, in a bid to enter into newer markets.

The reinsurer is also looking to form strategic alliance in South Africa, as well as upgrade its status in Brazil, and improve presence in SAARC nations.

The company, which already has offices in Dubai, Kuala Lumpur and London and a representative office in Moscow, is in the final stage of forming a joint venture company in Bhutan, known as Bhutan-GIC Re.