Background: GIC Re offers reinsurance services in businesses such as fire (property), marine, motor, engineering, agriculture, aviation, health, liability, credit and financial liability, and life insurance. The company had a monopoly for 16 years until the insurance market was open to foreign reinsurance players. Its only Indian competitor is ITI Reinsurance Ltd (unlisted), which commenced its operations earlier this year. With over 44 years of experience in the insurance industry, its management has created a strong balance sheet with diversified revenue streams & investments generating effective yields. It also has a robust and comprehensive risk management framework. The...