Bermudian-based insurer Ironshore announces that its Pembroke Managing Agency has been granted “in principle” approval by the Lloyd’s Franchise Board to create GIC Re’s syndicate at Lloyd’s.

GIC Re is ranked twelfth among the top 40 global reinsurers, according to Standard & Poor’s. It has an established footprint in the Afro-Asian region, where it has been operating for more than 45 years.

Alice Vaidyan, chairman and managing director of GIC Re, said: “The syndicate formation marks an inflection point in our corporate history through provision of global business access in collaboration with a globally respected brand and will help us broaden diversification and leverage deployment of capital resources.

“Due to the significant growth of the Indian re/insurance market, our portfolio has become more India-centric over the past few years. The Lloyd’s platform will help us access quality international business and provide us with enhanced balance and diversity.”

Chris Brown, strategic partnership director at Pembroke, said: “GIC Re will be the first syndicate of its kind backed solely by aligned capital from an Indian reinsurance group.”

Ironshore was acquired by US-based Liberty Mutual earlier this year, but continues to operate under the Ironshore brand.