ICICI Lombard gets approval from IFSC to open unit in Gift City

Private non-life firm ICICI Lombard on Friday said it has received approval from international financial services centre (IFSC) to open an offshore insurance office in Gif t City in Gandhinagar, making it the first private general insurer to do so. The offshore unit will enable ICICI Lombard to harness new opportunities in direct insurance and reinsurance areas by offering offshore direct insurance solutions, especially to domestic corporates and individuals located overseas, thus expanding its international business, the company said.