Public sector GIC Re’s UK-based Lloyd’s syndicate — GIC Syndicate 1947 — has received permission to commence operations from April 2018 in accordance with the Lloyd’s agreed business plan.
GIC Syndicate 1947 is the first Lloyd’s syndicate to be backed solely by capital from an Indian reinsurance group. Pembroke, a Liberty Mutual Company which is a specialist provider of Lloyd’s managing agency services will manage the GIC syndicate. In December 2017 Lloyd’s Franchise Board granted in principle approval to GIC to create GIC Syndicate 1947.
GIC has appointed Neil Attwood as the Active Underwriter for the syndicate. 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. Pembroke’s expertise in specialty lines coupled with GIC Re’s underwriting and distribution capability in India and other global markets will further develop business opportunities for GIC Re, Pembroke and other participants in the Lloyd’s market.
Lloyd’s is an insurance market with more than 50 leading insurance companies, with over 200 registered Lloyd’s brokers.