Company: GIC Re Page 1 / 2
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- November 17 2025
GIC Re trims H1 FY26 underwriting loss by 45.5% to US$1.46bn, COR down to 107.7%.
State-owned reinsurer's GWP was up by 5.6% in the first half, and it plans to expand its Lloyd's syndicate in pursuit of a larger share of international business.
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- October 27 2025
India’s GIC Re appoints Hitesh Joshi as interim chairman and managing director
The appointment, which is for three months, comes after the retirement of Ramaswamy Narayanan in September.
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- October 10 2025
GIC Re’s strong capitalisation to offset underwriting stress: AM Best
The rating agency has affirmed a financial strength rating of A- (excellent), long-term issuer credit rating of “a-” (excellent) having upgraded the rating last year.
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- October 8 2025
Rajesh Pawar to become interim MD at GIC Re as Ramaswamy Narayanan retires: reports
Pawar is currently a general manager of the Indian state-owned reinsurer.
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- July 1 2025
GIC Re hands Asta its Lloyd’s syndicate’s managing agency services
The agreement with the Davies-backed managing agency relates to the open and prior years of the Indian reinsurer's GIC syndicate 1947.
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- June 26 2025
Indian government to reduce stake in GIC Re, New India Assurance: report
Government will divest a 5% stake in New India Assurance Company and 3.5% stake in GIC Re in FY26 to ensure compliance with the minimum public shareholding norms.
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- June 10 2025
India’s GIC Re proposes ‘parametric insurance’ umbrella: report
Country’s largest reinsurer is in talks with the central government to offer countrywide parametric cover.
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- May 27 2025
GIC Re’s FY25 underwriting loss at US$403m, COR improves to 108.8%
Carrier’s net profit for the financial year rose by 3.1% to US$784.3m, while GWP grew by 10.7% to US$4.8bn.
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- March 24 2025
GIC Re’s terrorism risk rate cut could slash premiums by up to 15%: report
India has not faced a major terrorism loss since the Mumbai terrorist attacks in 2008.
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- February 5 2025
GIC Re moves ahead with plan to set up UK subsidiary
Subject to regulatory approval, Indian state-owned reinsurer will incorporate the wholly owned GIC Re, India Service Company.
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- January 3 2025
India’s GIC Re to see underwriting losses come down in 2025: chairman
Ramaswamy Narayanan says India’s national reinsurer will look to improve its combined ratio to 110% by March.
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- October 14 2024
AM Best upgrades GIC Re’s rating on stronger balance sheet fundamentals
The state-owned reinsurer’s financial strength rating of the carrier to A- (excellent) from B++ (good) and the long-term issuer credit rating to "a-" (excellent) from "bbb+" (good), with the outlook for both revised from positive to stable.
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- September 24 2024
MIC Global partners with GIC Re to expand digital reinsurance in India
The latest partnership builds on an earlier collaboration with P&C carrier, The New India Assurance, as the micro insurer is ready to expand its solutions to more carriers in the country.
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- September 4 2024
Indian government launches US$560m sale of 6.8% GIC Re stake
The secondary placement, being offered at a floor price of US$4.70 apiece over two days, is intended to reduce the government's stake in the reinsurer to meet the minimum public float requirements for Indian listed companies.
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- August 20 2024
GIC Re mulling exiting its non-core housing financing arm: report
The reinsurer, which holds a 15.26% stake in GIC Housing Finance, plans to bring in an investor to divest its stake.
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- August 19 2024
India government may pare stake in GIC Re through secondary placement: report
The state-owned reinsurer plans to starts growing its international book of business from next year as it is expecting a rating upgrade to "A-" from AM Best.
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- May 29 2024
GIC Re’s FY 2024 underwriting losses near US$500m
The India state-owned reinsurer’s COR deteriorated to 111.82% for FY 2024, while GWP for the period grew marginally to US$4.5bn.
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- April 15 2024
India’s GIC Re to revive stake sale post-elections: report
Chairman of the state-owned reinsurer dismissed the possibility of a privatisation in the "immediate future". The priority is to improve its credit ratings to grow its international business.
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- April 4 2024
India freezes state-owned insurers’ senior executive hires till election ends: report
India elections, slated to on April 26, will stall several appointments including those by the regulator IRDAI, and state-owned GIC Re, according to a local news report.
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- November 23 2023
GIC Re outlook upgraded to positive over strong capitalisation: AM Best
The rating agency has affirmed the state-owned reinsurer's financial strength rating at B++ (good) and national scale rating at aaa.IN (exceptional).
