General Insurance Corporation of India (GIC Re) has received license from Bank of Russia to commence reinsurance business in Russia.
The Corporation has obtained license from the Central Bank of the Russian Federation (Bank of Russia) for its subsidiary company ‘GIC Perestrakhovanie LLC’, Moscow for commencement of reinsurance business. The license was received on February 12, 2020.
GIC Re is the sole reinsurance company in the Indian insurance market with over four decades of experience.