Hitesh Joshi,executive director & acting CMD, GIC Re
“Keeping in view of performance of five eligible candidtes in the interface, their overall experience and extant parameters, Joshi has been recommended as the CMD of GIC Re,” said the FSIB on Tuesday
Joshi, known for his tough underwring skills, joined GIC Re in 1991 and will be retiring in Sept end, 2028.
New Delhi:The FSIB on Tuesday has selected Hitesh R Joshi, 57, senior most executive director and acting CMD of GIC Re as the new CMD of Mumbai based state owned reinsurer.
Joshi, known for his tough underwring skills, joined GIC Re in 1991 and will be retiring in Sept end, 2028.
The government had shortlisted five candidates,including two private sector professionals,who were interviewed by the FSIB on Tuesday, for the selection of a new CMD of state owned GIC Re.
“Keeping in view of performance of five eligible candidtes in the interface, their overall experience and extant parameters, Joshi has been recommended as the CMD of GIC Re,” said the FSIB on Tuesday.
After the selection by the FSIB, Joshi’s name will be sent for the approvals by the Appointment Committee of Cabinet(ACC) headed by the Prime Minister Narendra Modi, by the Department of Financial Services(DFS).
The FSIB is the government’s head hunting institution for selecting the senior management(executive directors and above) of PSU financial institutions.
The officials, who were shortlisted by the government after the 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).
The post of GIC Re CMD had fallen vacant after N Ramaswamy retired from the job in Sept(2025) end and Joshi was appointed as acting CMD in Oct,2025.
This is also for the first time, private sector candidates have been shortlisted for the selection of GIC Re CMD post.
Joshi a post-graduate in Accountancy from Mumbai University and holds a Master’s Degree in Financial Management from the Jamnalal Bajaj Institute of Management Studies.
Over the course of his career in GIC Re, Joshi has undertaken a diverse range of assignments across all key functions, including reinsurance (both domestic and international inward business), retrocession, finance, Enterprise Risk Management, budgetary control and strategic planning, internal audit, credit rating, investor relations.
In his role as executive director, he oversaw multiple areas such as Human Resource Management, International Business Operations, Information Technology, , Claims Vertical, Audit & Compliance (Internal & CAG), Budgeting, Legal, Mergers & Acquisitions, Digital Team, Business Intelligence Unit (BIU), Actuary and Office support services.