On October 4, 2023, the General Insurance Corporation of India (GIC Re) made a significant announcement regarding the appointment of its new Chairman and Managing Director (CMD), Ramaswamy N.. This appointment, effective from October 1, 2023, follows a decision by the Ministry of Finance, Government of India, and marks a transition in leadership at the renowned insurance institution.
New Leadership at GIC Re
GIC Re welcomed Ramaswamy N as its new Chairman and Managing Director (CMD) with effect from October 1, 2023. This appointment signifies a pivotal change in leadership within the organization.
The appointment of Ramaswamy N follows the standard succession planning procedures as Devesh Srivastava, the outgoing CMD, concluded his four-year term at the end of September 2023 upon reaching the age of 60.
In June 2023, the Financial Services Institution Bureau (FSIB) recommended Ramaswamy N as the ideal candidate to lead GIC Re. This recommendation, based on his extensive experience and qualifications, subsequently received the approval of the Finance Ministry.
Ramaswamy N’s Professional Journey
Ramaswamy N’s association with GIC Re dates back to 1988 when he joined as a direct recruit officer. Over the course of more than three decades, he has demonstrated unwavering commitment and expertise in various facets of non-life insurance.
- During his tenure at GIC Re, Ramaswamy N has managed a diverse portfolio of non-life insurance classes, including Fire, Engineering, Miscellaneous, Motor, Liability, Aviation, Marine, and Agriculture. His broad experience has contributed to his comprehensive understanding of the insurance industry.
- Ramaswamy N’s professional journey also includes a notable stint as the head of GIC Re’s UK branch. During this period, he played a pivotal role in the establishment of the Lloyds syndicate of GIC (GIC 1947), further enhancing the organization’s international presence.
- The appointment of Ramaswamy N as the new Chairman and Managing Director of GIC Re marks a significant transition in leadership at the institution. With his extensive experience and contributions to the insurance industry, Ramaswamy N is poised to lead GIC Re into a new era of growth and excellence. His journey from a direct recruit officer to the helm of this esteemed organization serves as a testament to his dedication and expertise in the field.