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Oct 2014 GIC Re has confirmed ongoing discussions with the Lloyd's in order to expand operations abroad. The United States is particularly targeted by the reinsurer that seeks to expand its presence beyond Indian borders and that acquired in last April the South African reinsurer Saxum Re.
This change in strategy on the part of GIC Re is intended to offset the potential loss of revenue that could be caused by the opening of the Indian market to competition. An amendment to the insurance code will soon authorize direct foreign investments up to 49% of the capital of Indian insurance and reinsurance companies.
GIC Re is expected to get between 10 to 15 new competitors in a market where it enjoys a quasi-monopoly.