India's leading reinsurance firm opens office in Dubai

Manu Sharma
Filed on February 14, 2007

DUBAI General Insurance Corporation of India (GIC Re), India's leading public-sector reinsurance company has opened a full fledged office in Dubai to provide reinsurance for major companies in aviation, infrastructure, construction and oil and gas sectors.

Reinsurance of offshore projects has become big business with oil majors searching for crude and gas in global waters. Since the bulk of these projects are reinsured, GIC is eyeing a significant expansion in reinsuring energy risks.

The firm had earlier opened branch offices in London and Dubai and is now turning them into full-fledged branches. Reports indicate that GIC Re net worth amounts to $1 billion and its assets were to a tune of $6 billion in 2006.

Launching the branch office Ashok Goenka, ex-chairman of GIC Re said, "India's only reinsurer, ranked 21st among non-life reinsurers globally on net written premium, has enhanced its presence in the region by setting up a branch at Dubai which will be servicing about a dozen economies in the Gulf region."

Counsel General of India, Venu Rajamony and Director of Companies Department, Ministry of Economy, Ahmed Ali A Hosani were the guests of honour.

R. Chandrasekaran, General Manager, GIC Re, said, "Following the new exploration licensing policy we are seeing a lot of foreign investments in exploration and production. We intend to reinsurance major projects not just in oil and gas sector but also in aviation, construction and infrastructure in the GCC countries."

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