The General Insurance Corporation of India (GIC Re) has ushered in a new era with the appointment of its new Chairman and Managing Director (CMD), Ramaswamy N, a distinguished figure in the insurance industry.
This pivotal change in leadership was officially announced on October 4, 2023, with Ramaswamy N assuming his role as CMD from October 1, 2023. The appointment follows a decision by the Ministry of Finance, Government of India, and adheres to standard succession planning procedures.
Ramaswamy N’s journey with GIC Re began in 1988 when he joined as a direct recruit officer. Over the course of more than three decades, he has exhibited unwavering commitment and expertise in various aspects of non-life insurance. His extensive experience includes managing a diverse portfolio of non-life insurance classes, ranging from Fire, Engineering, and Miscellaneous to Motor, Liability, Aviation, Marine, and Agriculture.
Notably, Ramaswamy N also served as the head of GIC Re’s UK branch, where he played a pivotal role in establishing the Lloyds syndicate of GIC (GIC 1947), bolstering the organization’s international presence.
This appointment aligns with standard succession planning procedures, as the outgoing CMD, Devesh Srivastava, concluded his four-year term at the end of September 2023 upon reaching the age of 60. The Financial Services Institution Bureau (FSIB) recommended Ramaswamy N as the ideal candidate to lead GIC Re in June 2023, based on his extensive experience and qualifications. The recommendation received approval from the Finance Ministry, setting the stage for his appointment.
Ramaswamy N’s journey from a direct recruit officer to the helm of GIC Re exemplifies dedication and expertise in the field. With his profound understanding of the insurance industry and international exposure, he is poised to lead GIC Re into a new era of growth and excellence. This transition in leadership signifies a promising chapter in the institution’s illustrious history.