GIC Re to start ops as Lloyd’s syndicate

Mumbai: Government-owned national reinsurer

GIC Re

has received approval from Lloyd’s to start operations as its syndicate from April 2018. Lloyd’s is a UK-based

insurance

marketplace where specialty underwriters participate as syndicate members and provide

reinsurance

to global buyers. Earlier in December, GIC Re had received in-principle approval to set up shop in the Lloyd’s marketplace.

GIC Re has created a new entity — ‘GIC Syndicate 1947’ — that will operate as a member of Lloyd’s. This is the first

Lloyd’s syndicate

to be backed solely by capital from an Indian reinsurance group. For the initial years, the syndicate will be run by

Pembroke

— which is a specialist provider of Lloyd’s managing agency services. Pembroke is a

Liberty Mutual

company — an insurance firm.

In a statement released on Thursday, GIC Re said that it has appointed Neil Attwood as active underwriter for GIC Syndicate 1947. “Through the syndicate, apart from expanding its global reach, GIC Re will also benchmark with the peers in Lloyd’s, the world’s leading market for specialist insurance,” a statement issued by the company said. GIC Re is ranked 12th amongst the top 40 global reinsurers, as published by Standard & Poor’s in September 2017.