GIC Re willing to expand in the United States and internationally

According to a statement of its chairman, AK Roy, GIC Re has initiated a process to establish a branch in the United States.

The announcement comes after a new order now authorizes foreign reinsurers to open subsidiaries in India.

For AK Roy, this order introduces "nothing new" for GIC Re because "all worldwide reinsurers are already present in the country through representative offices and have been doing business for two decades."

"GIC Re is expected to establish a branch in Brazil soon," he added concerning the GIC Re international strategy. The company, which is still interested in the purchase of a Lloyd's syndicate, would also like to establish itself in Africa through its recent acquisition of saxum Re (South Africa).