Shares of two listed state-owned insurance companies, New India Assurance Company (Rs 164.20) and General Insurance Corporation of India or GIC Re (Rs 170.90), were locked in the upper circuit of 20 per cent on the BSE on Thursday on report that the government is considering privatisation of United India Insurance and General Insurance Corporation. As on December 31, 2020, the government held 85.78 per cent stake in GIC RE, and 85.44 per cent in the New India Assurance Company, the shareholding pattern data shows. GIC Re is the largest reinsurer in the domestic reinsurance market in India and leads most of the domestic companies' treaty programmes and facultative placements. The New India Assurance Company, meanwhile, is the largest general insurance company in India.