CURRENT AFFAIRS

Detailed explanation-1: -The Corporation provides reinsurance across many key business lines including property motor agriculture marine engineering aviation health liability. GIC Re was a wholly-owned company of Government of India until its Initial Public Offer (IPO) in October 2017. GIC Re was listed on the bourses on 25 October 2017.

Detailed explanation-2: -General Insurance Corporation of India Limited, abbreviated as GIC Re, is an Indian public sector reinsurance company which has its registered office and headquarters in Mumbai. It was incorporated on 22 November 1972 under Companies Act, 1956.

Detailed explanation-3: -GIC Re has been playing a key role in the Indian reinsurance market and able to maintain about 60% share in the Indian reinsurance market. * The conversion into EUR is based on 2019 exchange rates. Government has allowed surety bonds as substitute for bank guarantees.

Detailed explanation-4: -The central government on Tuesday transferred Madhulika Bhaskar, general manager, General Insurance Corporation (GIC Re) to state-owned New India Assurance. She will be the acting chairman and managing director (CMD) of New India Assurance, the largest general insurer in the country.