New Delhi:
The government on Monday has cleared the appointment of Devesh Srivastava,56, general manager(GM),GIC Re and Malay K Poddar, 57, GM, as the CMD of GIC Re and Agriculture Insurance Company(AIC) respectively.
Though, Srivastava and Poddar were earlier selected by the Banks Board Bureau (BBB), the recruitment body for selecting top officials of PSU banking and insurance companies, on Aug 27, the final approvals by the appointment committee of cabinet,( ACC) headed by Prime Minister Narendra Modi, for both the appointments had taken sometime.
https://www.asiainsurancepost.com/life/devesh-srivastava-appointed-gic-re-cmd-poddar-become-cmd-aic
The Department of Financial services(DFS) will have to now notify both the appointments so that Srivastava and Poddat can assume their respective charges.
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“It may just happen by tomorrow,’’ said sources at ministry of financial (MoF)
At a pay scale of Rs 2,05,400,Srivastava has been appointed as the CMD of GIC Re till Sept 2023 while Poddar with the same pay scale will be heading AIC till July, 2022.
The post of CMD at GIC Re,the 11th largest global reinsurer. had fallen vacant after Alice Vaidyan had retired in July end and the CMD post of AIC was vacant since June after T Alamelu had joined as the member, IRDAI.
Srivastava is taking over as the CMD of GIC Re at a time when the company has plans to expand its global footprints further and diversify its agriculature heavy portfolio.
Srivastava had joined Oriental Insurance Company(OIC) in July, 1987 as a direct recruit officer and has gathered a vast experience in reinsurance business after being shifted to GIC Re in July 1999.
He is a post graduate in Physics from St Stephen's College Delhi and holds a post graduate degree in Management, majoring in Marketing with a Gold Medal from the Management Development Institute (MDI) Gurgaon
He was posted at the Reinsurance Department of GIC Re in 2008 for handling underwriting and claims of specialty lines of Motor, Marine, Liability, Oil & Energy, Aviation and Miscellaneous, in respect of both Treaty and Facultative placements and acceptances of inward business as well as outwards protection.
He was posted to the London branch of the corporation in October 2013 overseeing the territories of UK, Europe, Caribbean and the three Latin American countries of Argentina, Brazil and Mexico.
He had utilised this period in setting up of a Syndicate at Lloyds of GIC Re
Poddar, an agriculture insurance expert,who has spent most of his career in AIC before moving to NIC in 2018, was the senior most official among the seven candidates who had appeared for the interviews for the posts of CMD, GIC Re and CMD of AIC.
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Poddar will be in charge of AIC,which will be now increasingly playing a larger role the success of Prime Minister Fasal Bima Yojana(PMFSY) as many general insurers like ICICI Lombard General Insurance and Chola MS General Insurance Company have dropped out of the scheme..