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State-run reinsurer General Insurance Corporation (GIC) of India’s Russian subsidiary has been cleared for a reinsurance licence by the Central Bank of Russia.
GIC Perestrakhovanie LLC Russia is the 100 per cent-owned subsidiary of GIC Re. The licence will allow it to commence activities on a full scale.
“GIC Re is the first reinsurer in more than a decade to be granted this licence. GIC Re’s Russian subsidiary plans to commence operations soon,” the reinsurer said in a statement on Friday. GIC Re Chairman and Managing Director Devesh Srivastava said that in addition to Russia, it is also looking at the possibility to establish an office in Brazil to cater to the South American market.
GIC Re is registered as an ‘eventual reinsurer’ in Brazil from January 2009 and is now working to acquire the status of an ‘admitted reinsurer’ in that market. The reinsurer is already present in all BRICS countries except China.
It also has branch offices in Dubai, Malaysia and London.
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