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Ranked 10th Among the top
40 global reinsurance
groups by S&P Global Ratings
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.
| Mrs. Alice G Vaidyan Chairman |
Mr Charles Asirvatham 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 |
| Mr Charles Asirvatham | 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 |
| Class of Business | PML BASIS | SI BASIS | |||
|---|---|---|---|---|---|
| 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 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 | ||
Office Address:
First floor, Block C, Rivera Office Park,
6-10 Riviera Rd, Johannesburg, 2193
Republic of South Africa
Telephone: +27 11 8770760
Website: http://www.gicresa.co.za/
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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Ranked 10th Among the top
40 global reinsurance
groups by S&P Ranking