10-rankRanked 11th Among the top
40 global reinsurance
groups by S&P Global Ratings

Page last updated on: 13/04/2020
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Subsidiary Company

Subsidiary Company

Gic Africa
Rated GIC

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 except Egypt and Libya. Today, GIC Re South Africa is a major reinsurance player in South African market and continues to grow in the region. The company has been growing in excess of 100% year-on-year for last 3 years. For the year 2018-19, GIC Re SA closed its book with a maiden profit of Rand 254 Million.

Board of Directors

 
Mr. Devesh Srivastava
Chairman
Mr Charles Asirvatham
Managing Director & CEO
Ms. Madhulika Bhaskar
Non-Executive Director
Mr. Sanjay Bhikha
Non-Executive Director
Mr. Jonathan Bagg
Non-Executive Director
Adv. Cassim. I. Moosa
Non-Executive Director

Management Team

 
Mr Charles Asirvatham MD & CEO
Mr. Sanjeev Shankar Chief Operating Officer
Mr. Chandan Verma Chief Underwriting Officer
Mr. Ajinkya Tamhane Chief Risk Officer
Mr. Sameer Sapdhare
Mr. Nilesh Kasture
Chief Finance Officer
Mr. Rahul Venkatrao Ugile Chief Technology Officer & In-charge for HR
Mr. Wilson Mwase Company Secretary & Manager Admin
Ms. Blessing Zhawu Chief Technical Account Officer
 

Classes of Business and Capacities

 
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 25 M USD 25 M USD 50 M
Miscellaneous
Incl. Health & PA
USD 4 M USD 10 M USD 25 M USD 12.5 M USD 25 M
   
  SI Basis
Motor USD 10 M USD 10 M USD 5 M
   
Marine  
Cargo USD 7.5 M USD 7.5 M USD 7.5 M
Hull USD 7.5 M USD 7.5 M USD 7.5 M
Energy USD 4 M USD 4 M USD 45 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 5 M USD 6 M
   
Aviation  
Airline (Hull) USD 2 M USD 6 M USD 10 M
Airline (Liability) USD 2 M USD 6 M USD 100 M
General Aviation (Hull) USD 2 M USD 6 M USD 7.5 M
General Aviation (Liability) USD 2 M USD 6 M USD 75 M

Contact GIC Re SA

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.

 

Visit GIC Re SA

Website: http://www.gicresa.co.za/

 

Email

REINSURANCE DEPARTMENT:

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ACCOUNTS 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.

 

Ranked 11th Among the top
40 global reinsurance
groups by S&P Ranking