GIC Re is hopeful of growing its business in the global financial hub and offering risk management and reinsurance support to other units at GIFT IFSC.
State-owned reinsurer General Insurance Corporation of India (GIC Re) has opened its IFSC Insurance Office at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City).
With its IIO, GIC Re is hopeful of growing its business in the global financial hub and offering risk management and reinsurance support to other units at GIFT IFSC. In the coming days, the re-insurer will also look at providing its services to the Indian business community in other manufacturing SEZs in India and for their ventures abroad.
Alice G Vaidyan, Chairman and Managing Director of GIC Re, said, “Ours is the first re-insurer to set up base at India’s global financial hub at GIFT IFSC. While working on our future global expansion plans, GIC Re has also decided to be a part of the Indian effort in building an offshore financial centre at GIFT City.”
India’s first International Financial Services Centre (IFSC) at GIFT City aims to make India a financial services hub, with setting up of the multi-service special economic zone.Ajay Pandey, MD & Group CEO, GIFT City said that the he presence of GIC Re IFSC Insurance Office will not only strengthen the insurance segment at GIFT IFSC, but will also expand its financial services network to cover re-insurance. “We expect to see a multi-fold jump in GIFT IFSC’s business transactions in future due to this new inclusion,” he added.