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GIC, Hannover Re join hands

General Insurance Corporation of India (GIC) Re and Hannover Re will come together and build up the life reinsurance business in India.

Apnainsurance.com Research Bureau

21 Jun 2008

General Insurance Corporation of India (GIC) Re and Hannover Re have plans to join hands to build up the life reinsurance business in India. They will be marketing and tune-up the life reinsurance business in India.

GIC Re and Hannover Re will distribute the revenue in the proportion 60:40 for the initial three years and for the next two years it will be equally shared.

Globally, Hannover Re is the fifth biggest reinsurance company. It will train the GIC staff and will provide the technical support to them.

GIC Re the national reinsurer will give the updates on the current position of the Indian markets.