Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusinessEconomy

GIC Re opens office at GIFT City

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.

April 21, 2017 / 04:02 PM IST

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.

first published: Apr 21, 2017 04:02 pm

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347