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July 06, 2015 12:47 PM ET

Insurance

Company Overview of General Insurance Corporation of India

Company Overview

General Insurance Corporation of India offers reinsurance and risk management solutions to direct general insurance companies in India, SAARC countries, South East Asia, the Middle East, and Africa. It provides reinsurance in the areas of property, marine, engineering, miscellaneous, aviation-hull and spares-fixed wing, aviation treaty-hull, spares, and liability. The company also provides training, seminars, and workshops for junior and middle level executives from direct insurance and reinsurance companies looking after underwriting–direct/reinsurance, technical accounts, claims management, retrocession, and risk management. The company was incorporated in 1972 and is headquartered in Mumb...

Suraksha

170 Jamshedji Tata Road

Churchgate

Mumbai,  400 020

India

Founded in 1972

Phone:

91 22 2286 7000

Fax:

91 22 2289 9600

Key Executives for General Insurance Corporation of India

Chairman, Chief Executive Officer, Managing Director, Member of Investment Committee and Member of Risk Management Committee (Management)
Chief Financial Officer and General Manager
Chief Executive Officer of Dubai Branch Office and Deputy General Manager of Dubai Branch Office
Chief Compliance Officer, Assistant General Manager, Secretary and Member of Ethics Committee (Management)
Chief Marketing Officer, General Managar and Chief of Internal Audit
Compensation as of Fiscal Year 2015.

General Insurance Corporation of India Key Developments

New India Assurance And GIC Re Asked To Consider Listing

Hasmukh Adhia, Financial Service Secretary asked The New India Assurance Co. Ltd. and General Insurance Corporation of India to consider a listing on the stock exchanges, officials at the firms told Economic Times. The listing may reportedly occur in the next financial year.

GIC Re Eyes Lloyd’s Entity

General Insurance Corporation of India (GIC Re) plans to acquire a target form Lloyds Banking Group plc (LSE:LLOY). “We are expanding our operations on foreign soil. We have acquired Saxum Re, a South African firm, early this year and we are working on to acquire one from Llyods in London,” GIC Re chairman and Managing Director A K Roy told PTI. However, the Chairman did not offer any details about the geographies that his company is scouting for acquisitions, the timeline or the size his war chest for buyouts. “If there is any entity available which gives us a business sense anywhere in the world, we are ready to acquire the same,” he said.

EGoM To Consider Block Deal Route For BHEL Disinvestment

Empowered Group of Ministers is expected to meet shortly in order to consider disinvestment of Bharat Heavy Electricals Ltd. (BSE:500103) (BHEL) through the block deal route. According to the news report, the stake sale dilution is expected to bring INR 13 billion-INR 15 billion. The government is planning to offload 5% stake. The Finance Ministry aims to complete the stake sale by March 31, 2014. Post closing of a possible transaction, government’s holding in BHEL will come down to 62.72%. From the Budget estimate of INR 400 billion, the Ministry has revised downwards the amount it hopes to mop up through disinvestment in Central Public Sector Enterprises at INR 160.27 billion. A senior Government official said in order to identify willing buyers, discussions will be held with financial institutions such as Life Insurance Corporation of India, IFCI Limited (BSE:500106), India Infrastructure Finance Company Limited, State Bank of India (BSE:500112) and other nationalized banks, besides General Insurance Corporation of India, National Insurance Company Ltd. and The New India Assurance Company Limited. The Cabinet Committee on Economic Affairs approved a 5% disinvestment in BHEL. This was to be done through the auction or offer-for-sale methods. However, the Heavy Industries Ministry vetoed the proposal saying the current market situation is unfavorable and offloading in the market will further depress the share prices. BHEL shares closed at INR 150.5 on February 21, 2014.

Recent Private Companies Transactions

Type
Date
Target
Private Placement
July 17, 2014
Punjab and Sind Bank
 

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