Chennai, March 4 (TIWN) The Indian government-owned General Insurance Corporation of India Ltd (GIC) has said it is currently in the process of studying the AM Re Syndicate Inc's complaint and quantification of its $115 million damage claim in detail to determine the next steps.

The US-based AM Re, a reinsurance provider, has filed a suit for $115 million against GIC for cancelling its agreement and non-payment of commissions for business it brought for the Indian reinsurer.  According to AM Re, it had spent significant effort in negotiating reinsurance agreements on behalf of GIC Re for the year 2022, but the latter terminated the agreement and has not paid the commission as per the agreement.