Listed state-controlled reinsurer GIC Re has received in-principle approval from its board of directors to establish a wholly owned subsidiary in the United Kingdom.
The directors gave their approval at a board meeting held on 3 February 2025, the reinsurer said in a stock exchange statement.
In an annex to the bourse statement, GIC Re said that there is no minimum capital requirement for the subsidiary and that it could be set up with a capital of GBP1 ($1.24). The UK unit will undertake insurance-related activities and services.
Approval from the IRDAI for the formation of the subsidiary will also be sought.
Since 2011, GIC Re has been operating in Lloyd’s of London by offering reinsurance capacity to Lloyd’s syndicates through quota share capital gearing treaties. Currently, its Corporate Member at Lloyd’s is GIC Re, India, Corporate Member Ltd., which is registered as a private limited company in the UK. The reinsurer also has three branches—in London, Dubai and Malaysia.