GIC Re appoints new chairman and managing director

General Insurance Corporation of India (GIC Re) has appointed Mr Ramaswamy N as its new chairman and managing director (CMD), effective from 1 October 2023. This appointment follows the decision by the Ministry of Finance.

Mr Ramaswamy, a distinguished veteran in the insurance industry, brings with him a rich and diverse experience of over three decades at GIC Re. His career within the organisation has been marked by several achievements and a profound impact on various aspects of the reinsurance sector.

Mr Ramaswamy began his career with GIC Re in 1988 as a direct recruit officer. Over the years, he has exhibited unwavering commitment and dedication to the organisation.

With his profound knowledge and expertise, Mr. Ramaswamy has taken on the responsibility of managing a wide spectrum of non-life insurance classes, including Fire, Engineering, Miscellaneous, Motor, Liability, Aviation, Marine, and Agriculture. His leadership has extended across numerous territories worldwide.

In the ever-evolving landscape of the Indian insurance market, Mr. Ramaswamy has addressed complex challenges within the non-tariffed portfolio. His ability to provide creative and practical solutions to clients has been instrumental in both safeguarding portfolios and delivering capital relief.

Mr Ramaswamy has also served as the CEO of GIC Re, UK. During this time, he successfully managed the operations of the UK branch, and played a pivotal role in the establishment of the Lloyds syndicate of GIC (GIC 1947).