The officials who have been shortlisted after due delligence for the Tuesday interview are — three senior most senior officials of GIC Re-Hitesh Joshi, executive director(ED) and acting CMD,Jayshree Bala, ED, V Balkrishna, general manager and two other private sector candidates,Rajiv Kumar, CEO, Alliance Insurance Corporation, Tanzania and Ashok Lahoty,appointed actuary of state owned National Insurance Company
New Delhi:The government has finally shortlisted five candidates,including two private sector professionals,who will be interviewed by the FSIB on Tuesday, for the selection of a new CMD of state owned GIC Re.
The officials who have been shortlisted after due delligence are — three senior most senior officials of GIC Re-Hitesh Joshi, executive director(ED) and acting CMD,Jayshree Bala, ED, V Balkrishna, general manager and two private sector professional,Rajiv Kumar, CEO, Alliance Insurance Corporation, Tanzania and Ashok Lahoty,appointed actuary of state owned National Insurance Company(NIC).
Though, Lahoty is currently working for NIC, he will be considered as a private sector candidate as he has been appointed as an actuary from the open market on contract basis for a short period of time.
The FSIB is the government’s head hunting institution for selecting the senior management(executive directors and above) of PSU financial institutions.
This is also for the first time, privte sector candidates have been shortlisted the GIC Re CMD post, which has fallen vacant after N Ramaswamy retired from the job in Sept(2025) end
The government has appointed Hitesh Joshi, executive director as the acting CMD of the company, which is the ninth largest reinsurer in the world, since Oct 1,2024.
India born Rajiv Kumar,who has earlier worked with Iffco-Tokio General Insurance and Universal Sampo General Insurance, in his linkedin post has mentioned ,“I introduce myself as a visionary leader, a global C-Level executive with over 34 years of experience in the general insurance industry and a proven history of record-breaking top & bottom-line results with underwriting profitability across India & Africa.”
“ My professional success is inextricably tied to my inner strength of seeing the potential for change while having the ability to lead people to create that change. These forward-thinking and inquisitive innovating imbibed strengths enable me to foresee a big-picture view of the business’s role in the organization, which I worked for and made them number one during my stint with these organization.Currently, I am associated with Alliance Insurance Corporation Limited as a CEO from April 2021 onwards,” he has stated.
Apart from insurance experts like AV Girija Kumar, former CMD of Oriental Insurance Company, Sujoy Banerji, former member IRDAI and Usha Sangwan, former managing director of Life Insurance Corporation, the FSIB will have Ajay Seth, chairman, IRDAI, M Nagaraju, secretary, Department of Financial Services and others in its panel,which will be form sub groups among the panelists, to interview the candidates for GIC Re’s top post.