Company Overview of General Insurance Corporation of India
General Insurance Corporation of India provides reinsurance and risk management solutions to the direct general insurance companies. The company underwrites reinsurance for property, crude oil, engineering, miscellaneous, aviation-hull/spares, liability, aviation treaty, spares, liability, motor, and life capacities; and marine hull, cargo, and offshore energy capacities. It offers its reinsurance to various insurance companies in SAARC countries, South East Asia, the Middle East, and Africa. The company was incorporated in 1972 and is based in Mumbai, India with branch offices in Dubai, United Arab Emirates; and Labuan, Malaysia. It also has liaison/representative/branch offices in London, ...
170 Jamshedji Tata Road
Mumbai, 400 020
Founded in 1972
Key Executives for General Insurance Corporation of India
Chief Investment Officer and General Manager
Compensation as of Fiscal Year 2014.
General Insurance Corporation of India Key Developments
GIC Re Eyes Lloyd’s Entity
Aug 31 14
General Insurance Corporation of India (GIC Re) plans to acquire a target form Lloyds Banking Group plc (LSE:LLOY). “We are expanding our operations on foreign soil. We have acquired Saxum Re, a South African firm, early this year and we are working on to acquire one from Llyods in London,” GIC Re chairman and Managing Director A K Roy told PTI. However, the Chairman did not offer any details about the geographies that his company is scouting for acquisitions, the timeline or the size his war chest for buyouts. “If there is any entity available which gives us a business sense anywhere in the world, we are ready to acquire the same,” he said.
EGoM To Consider Block Deal Route For BHEL Disinvestment
Feb 21 14
Empowered Group of Ministers is expected to meet shortly in order to consider disinvestment of Bharat Heavy Electricals Ltd. (BSE:500103) (BHEL) through the block deal route. According to the news report, the stake sale dilution is expected to bring INR 13 billion-INR 15 billion. The government is planning to offload 5% stake. The Finance Ministry aims to complete the stake sale by March 31, 2014. Post closing of a possible transaction, government’s holding in BHEL will come down to 62.72%. From the Budget estimate of INR 400 billion, the Ministry has revised downwards the amount it hopes to mop up through disinvestment in Central Public Sector Enterprises at INR 160.27 billion. A senior Government official said in order to identify willing buyers, discussions will be held with financial institutions such as Life Insurance Corporation of India, IFCI Limited (BSE:500106), India Infrastructure Finance Company Limited, State Bank of India (BSE:500112) and other nationalized banks, besides General Insurance Corporation of India, National Insurance Company Ltd. and The New India Assurance Company Limited. The Cabinet Committee on Economic Affairs approved a 5% disinvestment in BHEL. This was to be done through the auction or offer-for-sale methods. However, the Heavy Industries Ministry vetoed the proposal saying the current market situation is unfavorable and offloading in the market will further depress the share prices. BHEL shares closed at INR 150.5 on February 21, 2014.
LIC, GIC And SUUTI Seek Government Nod To Sell Stake In SHCIL
Jun 18 13
Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC) and The Specified Undertaking of the Unit Trust of India (SUUTI) are seeking government nod to sell 45% stake in Stock Holding Corporation of India Limited (SHCIL). GIC and the administrator of SUUTI have sought the government's approval to sell their stake in SHCIL to three private equity funds, including The Blackstone Group L.P. (NYSE:BX), two sources in the know said. The three companies collectively hold 45% in Stock Holding The deal is expected to fetch LIC, GIC, and SUUTI over INR 10 billion, one of the sources indicated. "Discussions are on with three private equity players. They are interested in having significant holding in the firm. The valuations they are offering is quite attractive so we have sought government's permission," an official with one of the insurance companies said, requesting anonymity.
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