GIC ranked 39th among top global 40 reinsurers

Our Banking Bureau
08 February 2005

Chennai: India's national reinsurer General Insurance Corporation of India (GIC) is ranked 39th amongst the world's first 40 reinsurers by the credit rating agency, Standard & Poor's Rating Services (S&P).

In its report, Global Reinsurance Highlights for the decade 1994-2003, S&P has ranked the reinsurers based on their net reinsurance premium booked by them.

For the first time in 2003, GIC figures in the S&P's ranking list with a net reinsurance premium of $946.7 million.

According to Stephen Searby, Standard & Poor's credit analyst, "This special edition of Global Reinsurance Highlights will give some insight into the trends that have shaped the industry over the past 10 years."

The report shows that mergers and acquisitions have marked the decade under review. In addition, the new class of reinsurers based in Bermuda started to consolidate the operations.

The decade in a capsule