Bhutan: GIC Bhutan Re spreads its wings
Source: Asia Insurance Review | Oct 2016
GIC Bhutan Re, now into its fourth year of operations, has carried out business in the Middle East, Commonwealth of Independent States (CIS) and African regions.
The company, which was primarily doing business in the South Asian region, is targeting a gross premium income of BTN$250 million (US$3.76 million) in the current financial year ending 31 December. GIC Bhutan Re reported gross premium of BTN125 million in its first year of operations and BTN179 million in its second year. The third-year figure is estimated at around BTN200 million.
Speaking at the company’s 3rd Anniversary celebrations in Thimpu, Mr Wangchuk Namgyel, CEO of GIC Bhutan Re, said: “We are already participating in treaties of insurance companies in Southeast Asia, CIS, SAARC, Middle East and Africa, and support for the company’s retro protection programme has been extended to many companies beyond the SAARC region.”
GIC Bhutan Re was established in September 2013 with a total paid-up capital of BTN500 million (US$7.5 million). GIC Re of India has a 26% stake.