GIC Re appoints Rajesh Lahiri as new CFO in place of V. Balkrishna
New Delhi: State owned GIC Re has infused USD 49 million (approximately Rs 469 crore) into the Corporation’s Labuan (Malaysia) Branch for maintaining solvency as required by the Labuan Financial Services Authority (LFSA).
GIC Re board at its meeting, held on Friday in New Delhi, has given in-principle approval for the capital infusion for managing solvency in the local branch on complying with LFSA’s norms.
GIC Re operates its Malaysian business through its Labuan Branch, established in 2011 to strengthen its presence in the ASEAN reinsurance market. The branch is based in Kuala Lumpur and services countries across Southeast Asia, including Malaysia, Singapore, Thailand, Indonesia, Vietnam and others.
The Malaysian operation underwrites both conventional reinsurance and retakaful business across segments such as fire, engineering, marine, motor, health, agriculture, liability and offshore energy risks. It handles treaty as well as facultative reinsurance business.
For GIC Re Malaysia acts as a strategic gateway to the ASEAN insurance market, a strong long-term growth potential.
The company has overseas operations in countries like Malaysia, London, Moscow and Southy Africa and formerly Dubai.
Besides , it has a Syndicate in Lloyd’s mof London.
Meanwhile GIC Re’s board of directors has considered and accepted the resignation of V. Balkrishna, general manager from the post of chief financial officer(Key Managerial Person) of the corporation due to retirement availed by him under the voluntary retirement scheme(VRS) of the Corporation.
The board further approved the appointment of Rajesh Laheri, deputy general
manager, as CFO and key managerial person of the corporation in place of
Balkrishna with effect from the date of taking charge.
The date of taking charge by Laheri as CFO (CFO) and key managerial person will be intimated in due course.
Laheri joined GIC Re in April 1998 as a direct recruit officer.
The corporation also has approved the appointment of Sanjeeb Mishra as the new company secretary, compliance officer and key managerial person of the corporation in place of Satheesh Kumar, with effect from the date of taking charge.