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Subsidiary Company

GIC Re South Africa Ltd - GIC Re India’s maiden 100% owned subsidiary is now fully operational with smooth transition of sub-saharan business from Mumbai. GIC Re SA’s operations in Johannesburg have started underwriting business from Jan 1, 2015 with a mandate to write inward reinsurance and retrocession business emanating from Sub-Saharan Africa.

GIC Re SA was recapitalized after acquiring Saxum Re last year, a Johannesburg based composite reinsurer with business in run-off. Though GIC Re SA holds a composite license, currently short term Reinsurance has been activated to start with and Long Term Reinsurance is in pipeline which is expected to be activated in 3 years’ time after the company has stabilized its operations.

GIC Re SA embarks on vision of becoming and known as a truly African Reinsurer. Core business philosophy includes a robust governance and risk management framework, application of state-of-art technology, mutually beneficial relationships and redefining service delivery mechanism & attitude in the region.

GIC Re South Africa Ltd has successfully made its presence felt in the market during January 2015 renewals, by giving the market a turnaround time of 48 hours to quote on new proposals. GIC Re SA continues to have this service delivery differentiator in the region. GIC Re SA’s strategy is to achieve 2.5 to 3.0 percent market share in three years’ time and be in top five reinsurers in the continent in five years’ time.

Board of Directors

Mrs. Alice G Vaidyan Chairman	Mr. Deepak Prasad Managing Director & CEO
Mr. B N Narasimhan Non-Executive Director	Mr. Sanjay Bhikha Non-Executive Director
Mr. Jonathan Bagg Non-Executive Director	Adv. Cassim. I. Moosa Non-Executive Director

Management Team

Mr. Deepak Prasad	MD & CEO
Mr. Sandip Karmarkar	Chief Operating Officer
Mr. Zeeshan Ahmad	Chief Underwriting Officer
Mr. Sanjay Kumar Jangir	Chief Finance Officer
Mr. Sai Kalyan Ram	Chief Technology Officer & In-charge for HR

Classes of Business and Capacities

Class of Business	PML BASIS		SI BASIS
Class of Business	Treaty - Prop	Facultative	Treaty - Prop	Treaty - Non-Prop	Facultative
Aviation
Airlines			USD 2 M	USD 6 M	USD 12.5 M – Hulll USD 125 M - Liability
General Aviation			USD 2 M	USD 6 M	USD 7.5 M – Hulll USD 55 M - Liability

Property	USD 4 M	USD 20 M	USD 10 M	USD 25 M	USD 50 M

Engineering	USD 4 M	USD 20 M	USD 10 M	USD 25 M	USD 50 M

Liability
Limit of Liability Basis		USD 5 M (LOL Basis)	USD 3 M	USD 4 M	Claims Made Basis

Marine
Cargo			USD 7.5 M		USD 7.5 M
Any One Hull			USD 3 M		USD 5 M
Energy			USD 45 M		USD 45 M

Miscellaneous	USD 4 M	USD 20 M	USD 10 M	USD 25 M	USD 50 M

Motor			USD 10 M	USD 10 M	USD 5 M

Agriculture			USD 10 M	USD 10 M	USD 10 M

Contact GIC Re SA

Office Address:
First floor, Block C, Rivera Office Park,
6-10 Riviera Rd, Johannesburg, 2193
Republic of South Africa
Telephone: +27 11 8770760

Email

Email: Underwriting/Claims – This email address is being protected from spambots. You need JavaScript enabled to view it.
Finance & Accounts – This email address is being protected from spambots. You need JavaScript enabled to view it.
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