Lloyd’s, the specialist insurance and reinsurance marketplace, has approved the novation of Indian reinsurer GIC Re’s syndicate 1947 managing agency agreement to Davies-owned Asta, effective July 1st, 2025.

The agreement relates to both the open and prior years of GIC syndicate 1947 and sees Asta provide a full range of oversight and operational support services.

GIC syndicate 1947 was launched in 2018, and writes property D&F, property treaty, marine and speciality treaty, and non-marine speciality/consortia, and aims to “bring the best of the Indian market” to the Lloyd’s marketplace.

India’s state-backed reinsurance company, GIC Re, via its Lloyd’s corporate member, provides 100% of the capital to support the business underwritten at syndicate 1947.

“We are pleased to commence this partnership with Asta as we consider they are best-placed to help deliver the group’s strategy through managing our fully-aligned Lloyd’s syndicate, GIC Re Syndicate 1947,” said Ramaswamy Narayanan, GIC Re chairman and managing director.

Lorraine Harfitt, Chief Executive Officer of Asta, added: “We are delighted to partner with GIC as it enters the next phase of its growth and evolution. Asta’s independent third-party platform allows us to focus exclusively on delivering for our clients, helping them achieve their strategic ambitions. Working with syndicate 1947 on this transition underscores our commitment to the Lloyd’s market and to our client partnership model.

“We look forward to working with the GIC team for the rest of 2025 and beyond.”

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