Ironshore Inc.’s Pembroke Managing Agency is just one step away from creating GIC Re’s syndicate at Lloyd’s, with “in principle” approval already secured.
“GIC Re will be the first syndicate of its kind backed solely by aligned capital from an Indian reinsurance group,” said Pembroke strategic partnership director Chris Brown. “We are excited by this opportunity to develop business for the Lloyd’s market by harnessing Lloyd’s expertise with the unique distribution advantage offered by working with a powerful local partner.”
Citing the combination of Pembroke’s specialty lines underwriting capability and GIC Re’s regional expertise, the announcement noted the mutually beneficial development opportunities to be created by the synergy.
“The syndicate formation marks an inflexion point in our corporate history through provision of global business access in collaboration with a globally respected brand and will help us broaden diversification and leverage deployment of capital resources,” commented Alice Vaidyan, chairman and managing director at GIC Re.
She added: “Due to the significant growth of the Indian (re)insurance market, our portfolio has become more India-centric over the past few years. The Lloyd’s platform will help us access quality international business and provide us with enhanced balance and diversity.”
GIC Re, ranked by Standard & Poor’s as 12th out of the top 40 global reinsurers, has been operating in the Afro Asian region for over 45 years. Pembroke meanwhile is a specialist provider of Lloyd’s managing agency services to third parties, with a proven track record of guiding new entrants through the Lloyd’s approval process.
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