General Insurance Corporation (GIC Re), the state-owned national reinsurance company, has acquired the distinction of being the only reinsurer among significant players worldwide to report profits in `08-09.

The corporation has reported a net profit of Rs 1407cr for the year ended March `09 -an increase of 41% over Rs 997cr in the previous fiscal. Their international business has grown 40% as they were been able to demonstrate to insurance companies that they not only have the capacity to pay large claims but also the willingness to do so.

To tap the international opportunity following the financial crisis, GIC will upgrade its London branch into a subsidiary with an investment of GBP150mn (Rs 1200 cr). Besides the London arm, the corporation will be opening offices in Malaysia, South Africa and Brazil. The corporation is now the fifth largest aviation reinsurer in the world.