General Insurance Corporation of India (GIC Re) has got an in-principle approval to create a new syndicate from Lloyd’s Franchise Board. The syndicate will enable GIC Re to broaden and diversify the group’s international portfolio.
GIC Re has partnered with Ironshore’s Pembroke Managing Agency (Pembroke) to establish and manage the syndicate. Pembroke, a Liberty Mutual company, is a specialist provider of Lloyd’s, managing agency services to third parties and has a proven track record of guiding new entrants through the Lloyd’s approval process. Lloyd’s is the pre-eminent reinsurance market in the world with access to speciality risks that complement GIC Re’s existing lines of business.
The combination of Pembroke’s speciality lines underwriting capability and GIC Re’s regional expertise will create mutually beneficial development opportunities for GIC Re, Pembroke and other participants in the Lloyd’s market, a statement said.