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GIC Re plans to buy Lloyds Syndicate Member

Being a Lloyds Syndicate member would provide the national reinsurer a platform to operate in 60 countries across the world, GIC Re said

May 28, 2013 3:02 IST | India Infoline News Service
General Insurance Corporation (GIC Re) on Monday said that it is planning to buy a Lloyds Syndicate member, according to a media report.

India's national reinsurer said that the move is aimed to meet its ambition of being among the top five reinsurers in the world, the report added.

Being a Lloyds Syndicate member would provide the national reinsurer a platform to operate in 60 countries across the world, GIC Re said.

London-based Lloyds is more like an insurance exchange rather than a company, GIC Re added further.

Lloyds accredits companies that individually underwrite insurance business globally. At present, GIC has a branch each in London, Dubai and Kula Lumpur.

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