GIC Re's operations in Brazil gets status upgrade from ‘occasional reinsurer’ to ‘admitted reinsurer’

The upgrade is another step by GIC Re in steadily moving to a global leadership position in the International reinsurance space.

Apr 27, 2020 04:04 IST India Infoline News Service

GIC Re’s operations in Brazil gets a status upgrade from ‘occasional reinsurer’ to ‘admitted reinsurer’ by the Brazilian Superintendence of Private Insurance (SUSEP). This will enable more reinsurance business in the Brazilian market. The upgrade is another step by GIC Re in steadily moving to a global leadership position in the International reinsurance space. Its Russian subsidiary was licensed in January 2020.

Devesh Srivastava, CMD, GIC Re said, “The upgrade to the new status was published in Brazilian Official Gazette, on April 14, 2020, through an ordinance by SUSEP. The license will allow the company to expand its presence and do more reinsurance business in Brazil. It is valid for an indefinite period. However, the admitted reinsurer is mandated to submit annual documents to SUSEP. The Americas have been a territory where the footprint of GIC Re has traditionally been weak and this will present us with good opportunities to harness more business and forge relationships in the area.”

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