GIC now applies for membership of Lloyd???s of London

Falling domestic business is prompting reinsurers to look beyond India. General Insurance Corporation Re has decided to apply for membership of a Lloyd's of London syndicate member, according to a media report.

"We are planning to apply for a licence to be part of the syndicate," said AK Roy, chairman and managing director of GIC Re, was quoted as saying in the Economic Times. 

According to the industry experts, GIC Re will take 18 months to get a licence and years to build a business. Earlier, the company had intended to bid to buy a Lloyd's of London syndicate membership.