PEMBROKE GRANTED APPROVAL TO CREATE GIC RE SYNDICATE

Ironshore’s Pembroke Managing Agency has been granted ‘in principle’ approval by the Lloyd’s Franchise Board to create GIC Re’s syndicate at Lloyd’s. Alice Vaidyan, Chairman and Managing Director of GIC Re, said the addition of a Lloyd’s platform will help the company access international business, as well as providing increased balance and diversity. “Due to the significant growth of the Indian (re)insurance market, our portfolio has become more India-centric over the past few years,” she said. Chris Brown, Strategic Partnership Director at Pembroke Managing Agency, said “GIC Re will be the first Syndicate of its kind backed solely by aligned capital from an Indian reinsurance group. We are excited by this opportunity to develop business for the Lloyd’s market by harnessing Lloyd’s expertise with the unique distribution advantage offered by working with a powerful local partner.”