27-03-2020
GIC Re's Lloyd's syndicate posts profits in first full underwriting year
Insurance AlertssGIC Re's Lloyd's syndicate posts profits in first full underwriting year
2019, the first full year of underwriting for GIC 1947, was profitable for the Lloyd's syndicate backed by state-run Indian reinsurer GIC Re.
The syndicate reported a combined ratio of 97.95% and profits of around GBP1.3m ($1.6m), says GIC Re in a statement.
In April 2018, GIC Re launched Syndicate 1947 at Lloyd's of London. GIC 1947 is the first syndicate to be backed solely by capital from an Indian reinsurance group.
GIC Re says that the group continues to harness Lloyd's of London best practices. It adds that the knowledge sharing taking place between the syndicate and the GIC Re head office in Mumbai is working well with the GIC 1947 feeding back market trends from Western markets and GIC Re providing briefs on trends and developments from Eastern markets.
“We expect this knowledge swap to continue and develop as time goes on with pricing methodology and other technical skills being shared within the GIC Re Group,” said the statement.
GIC Re is hopeful that the syndicate will continue to grow over the years with all partners benefiting from the goodwill and expertise that Lloyd’s offers whilst maintaining the strict underwriting discipline that helped the syndicate to achieve profit in the first full underwriting year itself.
Mr Neil Attwood, who is active underwriter for GIC 1947, said, “I am proud to be part of the leadership team within Syndicate 1947 and the profit is a sign of the hard work, commitment and strong underwriting principles of all staff, both the syndicate and GIC Re as a group. We look to continue to support our clients, intermediaries and business partners as the Syndicate develops and grows.”
Source: Asia Insurance Review
