Ironshore Inc. announced that its Pembroke Managing Agency has been granted “in principle” approval by the Lloyd’s Franchise Board to create GIC Re’s syndicate at Lloyd’s.
“The combination of Pembroke’s specialty lines underwriting capability and GIC Re’s regional expertise will create mutually beneficial development opportunities for GIC Re, Pembroke and other participants in the Lloyd’s market,” said Ironshore in a statement.
Pembroke will be acting solely as GIC Re’s Managing Agency, providing governance, actuarial, finance, risk management, regulatory compliance and other service functions. However, it will not offer underwriting or capacity support for the syndicate, said the company in an emailed explanation.
Mumbai, India-based GIC Re is ranked 12th among the top 40 global reinsurers by Standard & Poor’s (as of September 2017), said Ironshore, noting that GIC Re has operated for more than 45 years in the African-Asian region.
“The syndicate formation marks an inflection point in our corporate history through provision of global business access in collaboration with a globally respected brand and will help us broaden diversification and leverage deployment of capital resources,” said Alice Vaidyan, chairman and managing director of GIC Re.
“Due to the significant growth of the Indian re/insurance market, our portfolio has become more India-centric over the past few years,” she added. “The Lloyd’s platform will help us access quality international business and provide us with enhanced balance and diversity.”
“GIC Re will be the first syndicate of its kind backed solely by aligned capital from an Indian reinsurance group,” said Chris Brown, strategic partnership director at Pembroke Managing Agency. “We are excited by this opportunity to develop business for the Lloyd’s market by harnessing Lloyd’s expertise with the unique distribution advantage offered by working with a powerful local partner.”
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