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GIC Re to start operations in China by mid-year

February 2, 2016

State-owned national reinsurer GIC Re will start operations in China within the next two or three months as it aims to become among the world’s top 10 reinsurers in the next couple of years.

“We will be opening our branch office in China within the next two to three months,” said Mrs Alice Vaidyan who was appointed the reinsurer’s Chairwoman and Managing Director last week. India’s sole reinsurer is currently placed 14th in global rankings.Mrs Vaidyan said last week that GIC Re is expanding its reach overseas, with China among the reinsurer’s main target markets.

She said: “We are aiming for focussed growth in countries like Latin America, China and CIS countries. These three are the main target countries for us as of now.”GIC Re is also planning to open a branch in Brazil this year. Meanwhile, it has discarded a plan to acquire a company in the UK, reported the Press Trust of India. Mrs Vaidyan said: “Though we have dropped our plan to acquire a company at Lloyd’s market in London, we will be developing our own syndicate over there in future.”



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