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India's GIC Re set to acquire South Africa-based SaXum Re

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Indian reinsurer General Insurance Corp. of India is set to acquire South Africa-based SaXum Reinsurance Ltd., The Times of India reported.

A GIC Re official familiar with the deal said the company is "in the process of buying" SaXum for 130 million Indian rupees ($2 million) and "is investing another INR 600 million ($10 million) to start the business." The reinsurer sees growth prospects in South Africa and expects 16% growth there through this takeover, The Times of India reports.

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