GIC Re Update: Recent Developments in Broking Sector
**GIC Re and Asta Partner to Enhance Global Underwriting Activities at Lloyd's**
In a strategic move to optimize its syndicate operations and expand its global reach, GIC Re, India's national reinsurer, has partnered with Asta, a leading third-party managing agency at Lloyd's, to manage its syndicate 1947. This partnership, announced on July 1, 2025, marks a significant step forward for both GIC Re and Lloyd's, the critical global hub for reinsurance and specialty insurance.
Established in 2018, Syndicate 1947 is a specialized Lloyd’s syndicate fully capitalized by GIC Re. The syndicate underwrites a diversified portfolio, including property, marine, specialty treaty, and non-marine specialty risks. With Asta now managing the syndicate, it aims to streamline operations and benefit from Asta’s expertise in regulatory compliance, reporting, risk management, and day-to-day operations.
Asta's established infrastructure and support platform enable better resource utilization and potentially improved underwriting performance through advanced management capabilities. This third-party managing agency model is increasingly favored for its scalability and flexibility within Lloyd’s.
The partnership supports GIC Re’s strategic goal to grow its international presence and integrate more deeply into the Lloyd’s market. It signals GIC Re’s commitment to leveraging Lloyd’s platform via expert management to optimize global underwriting capabilities.
Meanwhile, Convex Group Limited has received in principle approval to launch Lloyd's Syndicate 1984, with Asta appointed as the managing agent. The details of the specific lines of business that Convex Syndicate 1984 will underwrite are not provided. Convex Syndicate 1984 is scheduled to commence underwriting in April 2025.
The partnership between Asta and GIC underscores Asta's commitment to the Lloyd's market and to its client partnership model. Asta's independent third-party platform allows them to focus exclusively on delivering for their clients.
The latest report from GlobalData focuses on reinsurance in India, a fast-growing economy. The partnership between GIC Re and Asta allows GIC Re to build global underwriting expertise and capacity without the operational overhead of direct syndicate management. It can accelerate GIC Re’s access to international markets, diversification of risk, and product innovation while maintaining a strong presence at a premier global reinsurance marketplace.
The move positions GIC Re as a key player internationally, potentially attracting more Indian insurers and brokers to engage with Lloyd’s syndicates, promoting cross-border collaboration and knowledge transfer. It may also enhance the reputation and capabilities of the Indian insurance industry by demonstrating the ability to effectively partner with leading global managing agencies and participate actively in Lloyd’s complex risk pool.
As licensed foreign reinsurers expand their market presence in India, with their share of gross written premiums (GWP) almost doubling from 25.8% in 2019 to 49% in 2023, the partnership between Asta and GIC serves as an example of the growing integration between the Indian insurance market and the global reinsurance ecosystem.
Ramaswamy Narayanan, GIC Re chairman and managing director, expressed pleasure at the partnership with Asta, while Lorraine Harfitt, CEO of Asta, expressed delight at partnering with GIC as it enters the next phase of its growth and evolution.
Sources: [1] Asta Managing Agency Limited. (2025). Press Release: Asta Managing Agency Limited Announces Appointment as Managing Agent for GIC Re's Lloyd's Syndicate 1947. [2] Convex Group Limited. (2025). Press Release: Convex Group Limited Receives In Principle Approval to Launch Lloyd's Syndicate 1984. [3] Lloyd's of London. (n.d.). About Lloyd's. Retrieved from https://www.lloyds.com/about-lloyds
As a result of the partnership between Asta and GIC Re, Syndicate 1947 will be managed by Asta, a move aimed at enhancing underwriting capabilities in the reinsurance industry through improved operational efficiency, advanced management capabilities, and expertise in regulatory compliance. This strategic alliance between GIC Re and Lloyd's signifies a commitment towards global expansion, access to international markets, and product innovation in the reinsurance and specialty insurance events.
The partnership is expected to position GIC Re as a key player in the global reinsurance industry, potentially attracting more Indian insurers and brokers to engage with Lloyd’s syndicates, fostering cross-border collaboration and knowledge transfer. Additionally, this move demonstrates the growing integration between the Indian insurance market and the global reinsurance ecosystem.
