GIC Re Archives - InsuranceAsia News https://insuranceasianews.com/companies_category/gic-re/ Mon, 17 Nov 2025 02:05:38 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.2 GIC Re trims H1 FY26 underwriting loss by 45.5% to US$1.46bn, COR down to 107.7%. https://insuranceasianews.com/gic-re-pares-h1-fy26-underwriting-loss-by-45-5-to-us1-46bn-cor-down-to-107-7/ Sun, 16 Nov 2025 22:59:57 +0000 https://insuranceasianews.com/?p=204651 State-owned reinsurer's GWP was up by 5.6% in the first half, and it plans to expand its Lloyd's syndicate in pursuit of a larger share of international business.

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Indian state-owned reinsurer GIC Re has narrowed its underwriting loss by 45.5% in H1 FY2026 to INR12.95 billion (US$1.46 billion) from INR23.77 billion a year earlier.
The reinsurer’s combined ratio ...

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]]> India’s GIC Re appoints Hitesh Joshi as interim chairman and managing director https://insuranceasianews.com/indias-gic-re-appoints-hitesh-ramesh-chandra-joshi-as-interim-boss/ Mon, 27 Oct 2025 08:21:09 +0000 https://insuranceasianews.com/?p=202926 The appointment, which is for three months, comes after the retirement of Ramaswamy Narayanan in September.

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Indian state-owned reinsurer GIC Re has appointed Hitesh Joshi as its interim chairman and managing director (CMD), effective October 1, 2025, for three months, the firm said in a regulatory update.
J...

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]]> GIC Re’s strong capitalisation to offset underwriting stress: AM Best https://insuranceasianews.com/gic-res-strong-capitalisation-to-offset-underwriting-stress-am-best/ Fri, 10 Oct 2025 02:06:19 +0000 https://insuranceasianews.com/?p=201667 The rating agency has affirmed a financial strength rating of A- (excellent), long-term issuer credit rating of “a-” (excellent) having upgraded the rating last year.

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Indian state-owned reinsurer GIC Re is expected to maintain “strongest” level of balance sheet strength over the medium term, underpinned by its risk-adjusted capitalisation, according to an AM Best r...

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]]> Rajesh Pawar to become interim MD at GIC Re as Ramaswamy Narayanan retires: reports https://insuranceasianews.com/rajesh-pawar-to-become-interim-md-at-gic-re-as-ramaswamy-narayanan-retires-reports/ Wed, 08 Oct 2025 09:05:30 +0000 https://insuranceasianews.com/?p=201528 Pawar is currently a general manager of the Indian state-owned reinsurer.

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Rajesh Pawar is expected to assume interim leadership of India's state-owned reinsurer following the retirement of Ramaswamy Narayanan, according to reports.
Pawar is currently a general manager of th...

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]]> GIC Re hands Asta its Lloyd’s syndicate’s managing agency services https://insuranceasianews.com/gic-re-hands-asta-its-lloyds-syndicates-managing-agency-services/ Tue, 01 Jul 2025 08:45:21 +0000 https://insuranceasianews.com/?p=194176 The agreement with the Davies-backed managing agency relates to the open and prior years of the Indian reinsurer's GIC syndicate 1947.

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Indian state-owned reinsurer GIC Re has approved the novation of its syndicate managing agency agreement for its Lloyd’s syndicate to Davies-owned Asta from today.
The agreement relates to the open an...

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]]> Indian government to reduce stake in GIC Re, New India Assurance: report https://insuranceasianews.com/indian-government-to-reduce-stake-in-gic-re-new-india-assurance-report/ Thu, 26 Jun 2025 10:09:11 +0000 https://insuranceasianews.com/?p=193881 Government will divest a 5% stake in New India Assurance Company and 3.5% stake in GIC Re in FY26 to ensure compliance with the minimum public shareholding norms.

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The government of India is planning to divest a 5% stake in New India Assurance Company and a 3.5% stake in GIC Re in FY26 to ensure compliance with the minimum public shareholding (MPS) norms, accord...

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]]> India’s GIC Re proposes ‘parametric insurance’ umbrella: report https://insuranceasianews.com/indias-gic-re-proposes-parametric-insurance-umbrella-report/ Tue, 10 Jun 2025 06:41:19 +0000 https://insuranceasianews.com/?p=192523 Country’s largest reinsurer is in talks with the central government to offer countrywide parametric cover.

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India’s national reinsurer, the General Insurance Corporation of India (GIC Re), has proposed setting up a "parametric insurance" umbrella, according to a newspaper report.
GIC Re, India’s largest rei...

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]]> GIC Re’s FY25 underwriting loss at US$403m, COR improves to 108.8% https://insuranceasianews.com/gic-res-fy25-underwriting-loss-at-us403m-cor-improves-to-108-8/ Tue, 27 May 2025 02:10:38 +0000 https://insuranceasianews.com/?p=191417 Carrier’s net profit for the financial year rose by 3.1% to US$784.3m, while GWP grew by 10.7% to US$4.8bn.

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India’s national reinsurer, the General Insurance Corporation of India (GIC Re), has pared underwriting losses by 16.35% to about INR33.5 billion (US$402.9 million) for FY25, from INR40.07 billion in ...

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]]> GIC Re’s terrorism risk rate cut could slash premiums by up to 15%: report https://insuranceasianews.com/gic-res-terrorism-risk-rate-cut-could-slash-premiums-by-up-to-15-report/ Mon, 24 Mar 2025 08:44:33 +0000 https://insuranceasianews.com/?p=179366 India has not faced a major terrorism loss since the Mumbai terrorist attacks in 2008.

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A recent rate cut by the General Insurance Corporation of India (GIC Re) for terrorism risk insurance will result in a premium reduction by up to 15% from April 1, according to a report in the Busines...

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]]> GIC Re moves ahead with plan to set up UK subsidiary https://insuranceasianews.com/gic-re-gets-board-approval-to-set-up-uk-subsidiary/ Wed, 05 Feb 2025 05:48:30 +0000 https://insuranceasianews.com/?p=175147 Subject to regulatory approval, Indian state-owned reinsurer will incorporate the wholly owned GIC Re, India Service Company.

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General Insurance Corporation of India (GIC Re) plans to set up a subsidiary – GIC Re, India Service Company – in the UK, according to a stock exchange announcement by the state-owned reinsurer.
GIC R...

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