Exclusive: GIC Re 1947 targets $30 million marine and energy treaty GWP in 2026

GIC Re Syndicate 1947 is targeting approximately $30 million in marine and energy treaty gross written premium in 2026, multiple senior reinsurance sources told The Insurer.

The Lloyd’s of London building is reflected in a window in the City of London financial district in London, Britain, February 1, 2018. REUTERS/Simon Dawson/File Photo

The target, which is subject to Lloyd’s approval, follows the hire of David Martin, who left Volante in July to lead GIC Re’s marine and energy treaty unit.

One senior source said Martin will start in his new role on October 1, 2025.

Martin had joined Volante in August 2024 to lead the development of the firm’s marine treaty book.

GIC Re’s marine and energy treaty business will focus on foreign market excess of loss along with some proportional business and London market excess of loss, sources said.

Around one-third of the target will be allocated to marine retrocession business, two senior marine market sources said.

Other recent entrants to the marine retro space include Oak Enterprise Syndicate 1440.

GIC Re declined to comment.