General Insurance Corporation of India has received approval for the incorporation Wholly Owned Subsidiary (WOS) Company by name GIC Re, India Service Company. The said subsidiary will be incorporated in United Kingdom.
The approval from Insurance Regulatory and Development Authority of India (IRDAI) for formation of Wholly Owned Subsidiary shall be sought before making the investment and directives as per Foreign Exchange Management (Overseas Investment) Directions, 2022 shall be complied with. The board of directors of the company at their meeting held on February 3, 2025 has accorded in-principle approval for the same.
General Insurance Corporation of India provides reinsurance across many key business lines including fire (property), marine, motor, engineering, agriculture, aviation/space, health, liability, credit and financial and life insurance.
