General Insurance Corporation of India was started on November 22, 1972, as a private limited company. The Corporation was transformed into a public limited company with effect from March 7, 2016. The Corporation is registered with IRDAI for sustaining on reinsurance business conforming to the registration certificate dated April 2, 2001. General Insurance Corporation of India was set up to manage, control, and carry on the general insurance business.
General Insurance Corporation of India is the leader in the Indian reinsurance market. It leads to various domestic companies' contract programs and elective placements. Internationally, GICRE is an effective reinsurance partner for the Afro-Asian region leading the reinsurance programs of different insurance companies in North Africa, the Middle East, and SAARC countries.
GICRE has emerged 10th largest global reinsurer group based on net premium as per Standard and Poor based on financial results for 2017-18. General Insurance Corporation of India was the individual reinsurance company in the Indian insurance market till the insurance market was open to foreign reinsurance players. GICRE's shares are listed on the National Stock Exchange of India Ltd & BSE Limited.
India’s General Insurance Corporation offers reinsurance across various key business lines, including property, motor agriculture, marine engineering aviation health liability. GICRE was a completely-owned company of India’s Government until its initial public offer in the year 2017. The initial public offer was a combination of a new issue of 1.75 cr. shares totalling up to Rs 1568.6 cr and at the upper price band & offer for sale of 10.75 cr. shares by Union government totalling up to Rs 9804 cr. At the upper price band of Rs 912/share.
After a process of mergers among Indian insurance companies, 4 companies were left as wholly-owned subsidiary companies of General Insurance Corporation of India:
National Insurance Company Limited.
The New India Assurance Company Limited.
The Oriental Insurance Company Limited.
United India Insurance Company Limited
General Insurance Corporation of India aid & attain the subsidiaries to conduct the insurance business. Its objective is to assist the subsidiaries’ investment strategies in an efficient & productive way. Here are the different types of General Insurances in India:
General Insurance Corporation of India has got the Best Marine Insurer of the Year Award at the inaugural Maritime Standard Awards at the Middle East and Indian Subcontinent.
GICRE got Listing at National Stock Exchange
In 2010: GICRE, along with various other Indian insurance companies, set up the India Nuclear Insurance Pool 2015 to offer insurance to cover the liability as mentioned under Civil Liability for Nuclear Damage Act.
In 2013: GIC's joint venture reinsurance company in Bhutan, i.e. GIC Bhutan Re Limited, became operational.
In 2014: GICRE South Africa Limited, the wholly-owned subsidiary of GICRE, was set up in South Africa.
In 2017: GICRE declared that the Lloyd's Franchise Board had granted in-principle approval of GICRE's application to make a new Syndicate at Lloyd's. GICRE has collaborated with Ironshore's Pembroke Managing Agency to start and manage the Syndicate.
In 2018: Syndicate supported by capitalisation by GICRe became operational at Lloyd's of London.
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We also provide our clients with the Balance Sheet of GICRE with Ratio Analysis. It helps the clients understand the financial position of the company before making any investment decisions. The GICRE stock analysis helps the investors identify the intrinsic worth of the security. The GICRE stock review provides a summary of how the business incurs revenues and expenses.
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Our website has information about 6 insurance sector companies that give insight into its financials. Companies include SBI Life Insurance Company, HDFC Life Insurance Co, ICICI Lombard General Insurance Co, ICICI Prudential Life Insurance Company, The New India Assurance Co. & many more.