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India's GIC Re eyeing more acquisitions overseas

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General Insurance Corp. of India is looking to boost its global presence through acquisition as it expects to see stronger competition in India once the Insurance Bill is approved, Mint reported citing the Press Trust of India.

The reinsurer's chairman and managing director A.K. Roy said it recently acquired South Africa-based SaXum Reinsurance Ltd. and is "working on to acquire one from Lloyd's in London."

Mr. Roy also said that GIC Re is "venturing into the U.S. markets."

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