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.
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 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.
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