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GIC Re becomes first re-insurance company to set up base at GIFT city

Gandhinagar, Apr 21 (UNI) General Insurance Corporation of India, now known as GIC Re, wholly owned by Government of India, today become the first re-insurer to set up its base at Gujarat International Finance Tec-City (GIFT City), the first International Financial Services Centre (IFSC) in the country.
GIC Re inaugurated its IFSC Insurance Office (IIO) at GIFT city today situated near Gujarat capital Gandhinagar. Additional Secretary (DFS), Mr Anil Kumar Khachi, Chairman - GIFT city Mr.Sudhir Mankad, IAS (Retd.), Development Commissioner, KASEZ - Mr Upendra Vashishta, and CMD, GIC Re – Mrs Alice G Vaidyan and other dignitaries were present on the occasion.
After supporting the growth of general insurance business in India, through its four wholly owned subsidiaries for about thirty years, GIC Re was designated as the National Reinsurer in the year 2001. GIC Re provides reinsurance support to life & non-life insurers in India and abroad.
Mrs Vaidyan, on the occasion said, “Ours is the first re-insurer to set up base at India’s global financial hub at GIFT IFSC. While working on our future global expansion plans, GIC Re has also decided to be a part of the Indian effort in building an offshore financial centre at GIFT City. In the true spirit of ‘together we make it happen’, while adding value to the GIFT City IFSC by starting its International Insurance Office (IIO) operations, GIC Re’s experience of working in other global IFSCs could certainly be shared with GIFT IFSC.”
Mr. Ajay Pandey, MD & Group CEO, GIFT City said, “We are very happy to welcome GIC Re as the newest member of GIFT IFSC. The presence of GIC Re IFSC Insurance Office will not only strengthen the insurance segment at GIFT IFSC, but will also expand its financial services network to cover re-insurance. We expect to see a multi-fold jump in GIFT IFSC’s business transactions in future due to this new inclusion. GIFT City today is at the forefront of providing an array of international financial services to both domestic and foreign entities. Buoyed by initiatives of government of India for IFSC, the centre is fast emerging as a major global financial hub. ”
Notably, GIC Re is a leading reinsurance capacity provider in Africa, SAARC countries, Middle East and South East Asia. GIC Re has business partners spread over in about 150 countries. An established name in the global insurance and reinsurance arena, GIC Re’s foreign and domestic premium composition is now 45:55. With a Net Worth of about Rs. 40,000 crore and Total Assets of around Rs.85,000 crore (as on 31.12.2016), GIC Re holds enviable position among global reinsurers. It ranks 14th among the reinsurers world over, on the basis of the gross premium volumes (2016). GIC Re carries ‘A –‘Excellent Financial Strength Rating from A M Best Company, ‘AAA’ (In) Claims Paying Ability Rating from CARE Ratings and ‘AAA’ Financial Strength rating from National Rating Agency, Russia.