GIC Re has once again won the contract for the reinsurance of Oil & Natural Gas Corporation’s Offshore Package Policy programme 2018-2020. As a domestic re-insurer, GIC Re is entitled to a 5% share in any reinsurance contract. But the placement was won after going through an international bidding process as mega risks cannot be fully absorbed in the domestic market alone and require placement in international markets for a better spread of risks. GIC Re, as the lead re-insurer, will have a 15% share in the programme while the balance will be done by a number of international re-insurers. About 30 re-insurers had participated in the previous year’s programme. The reinsurance programme extends comprehensive coverage to ONGC’s upstream offshore assets valued at more than $40 billion. Upstream offshore assets include platforms, rigs, production complexes and pipelines. The total reinsurance policy premium for the programme is $12.62 million.