Line of Business
GIC Re Syndicate 1947 has a wide range of insurance expertise delivering only the best results.
Direct & Fac Property
Our target business comprises two key elements – London Open Market placements and Programme business. We analyse each offer from the ground up, both from natural and non-natural peril types. We deploy a range of underwriting tools as well as considering appropriate risk surveys.
Our team is experienced in both leading and providing supporting capacity.
The London Open Market account offers world-wide direct and facultative coverage, subject to appropriate licencing. We focus on accounts with proven risk management and are careful in selecting appropriate attachment points and insured perils.
Open Market USA: our preferred risks comprise primary mid-to large light commercial and light industrial insureds, particularly where there is critical catastrophe exposure.
Open Market International: we focus on medium and large industrial risks with proven risk management and loss experience. Our preferred attachment levels will be above broader sub-limit coverages.
We have a wide range of approved Lloyd’s risk codes and have appetite for several of the more challenging classes including Energy and Power, Food & Meat Processing and Mining.
Programme & Delegated Authority: Our Programme business approach selects target partners with proven successful track records of operating in the Lloyd’s environment and complying with relevant controls and reporting requirements. Our goal is to add new relationships over time.
Property Treaty
We write a broad geographic spread of Open Market Property treaty business, both from the USA and internationally. We are comfortable both as a lead and a follow market.
Our focus is on primary insurers buying natural perils cover, with limited appetite for protections of reinsurance or risk-exposed portfolios.
We analyse accounts through both proprietary models and other software, enabling us to consider offers in both a timely and consistent manner. Our preference is to model all exposures to the reinsurance, resulting in an acceptance profile which largely attaches above so-called non-modelled or secondary perils.
Where possible we work closely with our GIC Re colleagues in London and Mumbai to enhance our Group relationship with clients.
Specialty Classes:
Syndicate 1947 is actively looking to develop Specialty business in line with the Lloyd’s Blueprint One. We offer supporting capacity via both traditional Quota Share and Excess of Loss treaties, together with actively seeking Consortium structures within the Lloyd’s marketplace.
Marine Speciality
GIC 1947 provides supporting capacity in line with the “lead / follow” guidelines set out in the Lloyd’s Blueprint One strategy.
Under the guidance of our Marine Consultant, Peter Townsend, we write a worldwide portfolio of proportional and excess of loss treaty for both London Market and international clients. We provide capacity for the hull, cargo, specie, marine & energy liability, offshore energy, marine & aviation war and full PV/terrorism.
Non-Marine, long-tail and Consortia
GIC 1947 is actively seeking to develop Consortia and other supporting capacity arrangements for portfolios which compliment our own portfolio.
We will consider any class of non-marine business, whether long- or short-tail, noting the long lead-times required to enable appropriate due diligence and planning.