Government Names Hitesh Joshi as New Chairman of GIC Re

Appointments Committee of the Cabinet (ACC) has appointed the Hitesh Joshi as the Chairman and Managing Director (CMD) of General Insurance Corporation of India (GIC Re).Jpshi who was serving as the acting CMD since the October 2025 now officially takes the charge after the retirement of his predecessor, N. Ramaswamy.

Government Clears Hitesh Joshi’s Appointment

The Appointments Committee of the Cabinet has approved the Hitesh Joshi’s appointment on 12th of June. 2026.

GIC Re informed stock exchanges about the development via an official filing.

Joshi had been leading the organization in an interim capacity since the October 1, 2025, when the CMD position became vacant after the retirement of N. Ramaswamy on September 30, 2025.

Who Is Hitesh Joshi?

Hitesh Joshi brings the decades of experience in the insurance and reinsurance industry. He possesses the strong academic and professional background which complements his extensive corporate leadership experience.

His educational qualifications includes the,

• Postgraduate degree in a Accountancy from the University of Mumbai.
• Master’s degree in Financial Management from the Jamnalal Bajaj Institute of Management Studies (JBIMS).
• Fellow of the Insurance Institute of India.

These qualifications have supported the career that spans across the several critical functions within GIC Re.

Extensive Experience Across Insurance Functions

Over the years, Joshi has handled a diverse range of responsibilities across the organization. His expertise extends beyond traditional insurance operations and includes strategic and financial management functions.

Some of the key areas he has worked in includes the,

• Domestic and international reinsurance business
• Retrocession operations
• Enterprise Risk Management (ERM)
• Financial planning and budgeting
• Strategic planning
• Internal audit
• Credit rating management
• Investor relations
• Corporate governance

Leadership Role as Executive Director

Before becoming the acting CMD, Joshi served as the Executive Director at GIC Re, where he supervised the several critical departments.

His responsibilities included the,

• Human Resource Management
• International Business Operations
• Information Technology
• Vigilance and Compliance
• Claims Management
• Internal and CAG Audits
• Legal Affairs
• Digital Transformation Initiatives
• Mergers and Acquisitions
• Business Intelligence Unit (BIU)
• Actuarial Functions
• Grievance Redressal Mechanisms

Importance of GIC Re

General Insurance Corporation of India (GIC Re) is the India’s national reinsurer and it is one of the largest reinsurance companies in Asia.

Reinsurance is often described as the “insurance for insurance companies.” It helps to insurance the firms to manage large risks by transferring part of their liabilities to a reinsurer.

GIC Re plays a vital role in to the,

• Strengthening the stability of the India’s insurance sector.
• Supporting insurers during major disasters and catastrophic events.
• Providing risk-sharing mechanisms.
• Expanding insurance coverage capacity.
• Supporting the global reinsurance markets through international operations.