Ranked 10thLargest Global Reinsurer Group(Non-IFRS 17 Reporting Reinsurer- compiled by AM Best)
GIC Re South Africa Ltd is a 100% owned subsidiary of General Insurance Corporation of India (GIC Re) which is owned by the Government of India. GIC Re South Africa was established by acquiring South African composite reinsurer Saxum Re in 2014 to cater to Reinsurance needs of Africa continent, especially South Africa. The core business philosophy of GIC Re SA includes reinsurance capacity development in Africa, application of the state of art technology, mutually beneficial relationships, benchmarking reinsurance and service delivery mechanism and a professional attitude.
The company is rated BB+ (Global) and zaAAA (National) by S&P. GIC Re South Africa Ltd is backed by an unconditional and irrevocable parental guarantee from its parent, GIC Re India.
The company underwrites business from the entire African continent. Today, GIC Re South Africa is a major reinsurance player in South African market and continues to grow in the region.
| Mr. N. Ramaswamy Non-Executive Director |
Mr. V. Balakrishna Non-Executive Director |
| Mr. Sandip Karmarkar Executive Director |
Mr. Jonathan Bagg Independent Non-Executive Director, Chairman |
| Mr. Sanjay Bhikha Independent Non-Executive Director |
Ms. Nazley Sallie Independent Non-Executive Director |
| Ms. Fundiswa Roji Independent Non-Executive Director |
|
| Mr. Sandip Karmarkar |
Managing Director & CEO |
| Mr. Varun Bhardwaj | Chief Operating Officer |
| Mr. Rahul Goel | Chief Technology Officer & Manager HR |
| Ms. Niharika Suthar | Chief Risk Officer |
| Mr. Dipan Panja | Chief Underwriting Officer |
| Mr. Wilson Mwase | Company Secretary |
| Ms. Angeline Chinyamunzore | Chief Technical Accounts Officer |
| Class of Business | Treaty Prop | Treaty Non-Prop | Facultative | ||
|---|---|---|---|---|---|
| PML Basis | SI Basis | SI Basis | PML Basis | SI Basis | |
| Property (Fire & Engineering) |
USD 8 M | USD 20 M | USD 50 M | USD 8 M | USD 50 M (Max. line of 50%) |
| Miscellaneous Incl. Health & PA |
USD 4 M | USD 10 M | USD 20 M | USD 12.5 M | USD 25 M |
| SI Basis | |||||
| Motor | USD 10 M | USD 10 M | USD 5 M | ||
| Marine | |||||
| Cargo | USD 5 M | USD 5 M | USD 5 M | ||
| Hull | USD 4 M | USD 4 M | USD 4 M | ||
| Energy | USD 2.5 M | USD 2.5 M | USD 25 M | ||
| Liability On Limit of Liability Basis |
USD 3 M | USD 4 M | USD 5 M | ||
| Agriculture | USD 15 M | USD 15 M | USD 15 M | ||
| PVT (Political Violence and Terrorism) | USD 3 M | USD 6 M | USD 7.5 M | ||
| Aviation | |||||
| Airline (Hull) | USD 2 M | USD 2 M | USD 7.5 M | ||
| Airline (Liability) | USD 2 M | USD 2 M | USD 75 M | ||
| General Aviation (Hull) | USD 2 M | USD 2 M | USD 5 M | ||
| General Aviation (Liability) | USD 2 M | USD 2 M | USD 50 M | ||
GIC Re South Africa Ltd
Riviera Rd Office Park,
First Floor - Block C,
6-9 Riviera Road,Houghton,
Johannesburg 2193
Telephone: +27 (0) 11 877 0760
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: http://www.gicresa.co.za/
REINSURANCE DEPARTMENT: This email address is being protected from spambots. You need JavaScript enabled to view it.
FINANCE DEPARTMENT: This email address is being protected from spambots. You need JavaScript enabled to view it.
ACCOUNTS DEPARTMENT: This email address is being protected from spambots. You need JavaScript enabled to view it.
Ranked 16thLargest Global Reinsurer Group(compiled by A M Best)
