GIC Re intends to join the Lloyd's

Indian reinsurer General Insurance Corporation of India (GIC) is considering various options for possible merger with the Lloyd's. In addition to the many business opportunities available, membership in the London market would allow the insurer to obtain an “A” financial rating. In order to bring this move to good completion, GIC is required to increase its capital first. During the 2012-2013 fiscal year, the Indian reinsurer reported a turnover of 2.6 billion USD while net profit amounted to about 400 000 million USD.