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Subsidiary Company

Subsidiary Company

Gic Africa
Rated GIC

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
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

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

 

Visit GIC Re SA

Website: http://www.gicresa.co.za/

 

Email

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