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Ranked 12th Among the top
40 global reinsurance
groups by S&P Global Ratings
GIC Re South Africa Ltd is a 100% owned subsidiary of General Insurance Corporation of India (GIC Re) which is owned by the Government of India. GIC Re South Africa was established by acquiring South African composite reinsurer Saxum Re in 2014 to cater to Reinsurance needs of Africa continent, especially South Africa. The core business philosophy of GIC Re SA includes reinsurance capacity development in Africa, application of the state of art technology, mutually beneficial relationships, benchmarking reinsurance and service delivery mechanism and a professional attitude.
The company is rated BB+ (Global) and zaAAA (National) by S&P. GIC Re South Africa Ltd is backed by an unconditional and irrevocable parental guarantee from its parent, GIC Re India.
The company underwrites business from the entire African continent except Egypt and Libya. Today, GIC Re South Africa is a major reinsurance player in South African market and continues to grow in the region. The company has been growing in excess of 100% year-on-year for last 3 years. For the year 2018-19, GIC Re SA closed its book with a maiden profit of Rand 254 Million.
| Mr. Devesh Srivastava Chairman |
Mr Charles Asirvatham Managing Director & CEO |
| Ms. Madhulika Bhaskar Non-Executive Director |
Mr. Sanjay Bhikha Non-Executive Director |
| Mr. Jonathan Bagg Non-Executive Director |
Adv. Cassim. I. Moosa Non-Executive Director |
| Mr Charles Asirvatham | MD & CEO |
| Mr. Sanjeev Shankar | Chief Operating Officer |
| Mr. Chandan Verma | Chief Underwriting Officer |
| Mr. Ajinkya Tamhane | Chief Risk Officer |
| Mr. Sameer Sapdhare Mr. Nilesh Kasture |
Chief Finance Officer |
| Mr. Rahul Venkatrao Ugile | Chief Technology Officer & In-charge for HR |
| Mr. Wilson Mwase | Company Secretary & Manager Admin |
| Ms. Blessing Zhawu | Chief Technical Account Officer |
| Class of Business | Treaty Prop | Treaty Non-Prop | Facultative | ||
|---|---|---|---|---|---|
| PML Basis | SI Basis | SI Basis | PML Basis | SI Basis | |
| Property (Fire & Engineering) |
USD 8 M | USD 20 M | USD 25 M | USD 25 M | USD 50 M |
| Miscellaneous Incl. Health & PA |
USD 4 M | USD 10 M | USD 25 M | USD 12.5 M | USD 25 M |
| SI Basis | |||||
| Motor | USD 10 M | USD 10 M | USD 5 M | ||
| Marine | |||||
| Cargo | USD 7.5 M | USD 7.5 M | USD 7.5 M | ||
| Hull | USD 7.5 M | USD 7.5 M | USD 7.5 M | ||
| Energy | USD 4 M | USD 4 M | USD 45 M | ||
| Liability On Limit of Liability Basis |
USD 3 M | USD 4 M | USD 5 M | ||
| Agriculture | USD 15 M | USD 15 M | USD 15 M | ||
| PVT (Political Violence and Terrorism) | USD 3 M | USD 5 M | USD 6 M | ||
| Aviation | |||||
| Airline (Hull) | USD 2 M | USD 6 M | USD 10 M | ||
| Airline (Liability) | USD 2 M | USD 6 M | USD 100 M | ||
| General Aviation (Hull) | USD 2 M | USD 6 M | USD 7.5 M | ||
| General Aviation (Liability) | USD 2 M | USD 6 M | USD 75 M | ||
GIC Re South Africa Ltd
Riviera Rd Office Park,
First Floor - Block C,
6-9 Riviera Road,Houghton,
Johannesburg 2193
Telephone: +27 (0) 11 877 0760
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: http://www.gicresa.co.za/
REINSURANCE DEPARTMENT:
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Ranked 11th Among the top
40 global reinsurance
groups by S&P Ranking
