GIC Re gets license from Bank of Russia for reinsurance biz

General Insurance Corporation of India (GIC Re) on Wednesday said it has received license from Bank of Russia to commence reinsurance business in Russia. "We wish to inform you that that the Corporation has obtained license from the Central Bank of the Russian Federation (Bank of Russia) for its subsidiary company "GIC Perestrakhovanie LLC", Moscow for commencement of reinsurance business. The license was received by us today i.e. 12th February 2020," it said in a regulatory filing.

The license enables the subsidiary to commence transacting domestic and international reinsurance business in Russia based on the capital invested by the Corporation, it said. Shares of GIC Re on Wednesday closed 0.97 per cent higher at Rs 238.20 on the BSE.