Indian Finance Minister Palaniappan Chidambaram has officially opened a new London branch office for the Mumbai-based reinsurerGeneral Insurance Corporation of India (GIC Re).
Addressing an audience of more than 200 dignitaries and invited guests, the minister highlighted the growing influence of the reinsurer across the globe and forecast that its international expansion would continue in tandem with growing reforms within India's insurance and financial markets.
He said: "GIC wishes to spread its wings throughout the world and emerge as an effective reinsurance solution partner."
Mr Chidambaram was guest of honour as GIC Re officially launched its London office at a lavish ceremony attended by key business and political figures.
The company is looking to further strengthen its position. It is already one of the world's 25 largest reinsurance companies - businesses that allow insurers to reduce their exposure to potential claims by sharing their policy risks with second-tier insurers.
Following approval from UK and Indian regulators, GIC Re has been able to upgrade an existing representative office to write business directly in the UK for the first time.
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Its new branch office is to focus initially on offering reinsurance cover for insurers involved in underwriting property, aviation and energy-related risks.
Among those attending the event were Indian High Commissioner Kamalesh Sharma and Lord Bilimoria of Chelsea, together with GIC Re's Chairman Mr Yogesh Lohiya and General Manager Mr R. Chandrasekaran, both of whom travelled from Mumbai for the ceremony.
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