The Financial Services Institutions Bureau (FSIB) has selected Shri Hitesh Rameshchandra Joshi as the new Chairman-cum-Managing Director (CMD) of GIC Re, marking a significant milestone in the reinsurance company's leadership transition. According to AIP Online Bureau, the FSIB made this decision on February 24, 2026, following a structured evaluation process that included five candidates - three senior officials of GIC Re and two private sector professionals. The Bureau stated that Joshi was recommended based on his performance during the interaction, overall experience, and extant parameters, reinforcing GIC Re's focus on strong governance, strategic growth, and leadership continuity for India's reinsurance sector.
This marks the first time private sector candidates have been shortlisted for the selection of GIC Re's CMD post, representing a significant shift in the reinsurance sector's leadership approach. As reported by AIP Online Bureau, the government had shortlisted five candidates, including two private sector professionals - Rajiv Kumar, CEO of Alliance Insurance Corporation, Tanzania and Ashok Lahoty, appointed actuary of state-owned National Insurance Company (NIC). The other candidates were Jayshree Bala, Executive Director (ED), V Balkrishna, General Manager, and Hitesh Joshi, Executive Director and Acting CMD. This inclusive approach demonstrates the government's commitment to bringing diverse expertise to the reinsurance sector's top leadership role.
Hitesh Joshi is currently serving as the Acting CMD of GIC Re since October 1, 2025, following the superannuation of Ramaswamy Narayanan on September 30, 2025. As reported by AIP Online Bureau, Joshi joined GIC Re in 1991 and will be retiring in September 2028, providing a structured transition timeline for the organization. He has been exercising the financial and administrative powers and functions of CMD during this interim period and was elevated as Executive Director with effect from July 9, 2024, providing him with the necessary experience to handle the top leadership role. With GIC Re since July 1990, Joshi has handled key portfolios including reinsurance (domestic & international), retrocession, finance, enterprise risk management, underwriting, claims, audit, strategic planning, HR, IT, and international operations.
The final decision on the FSIB's selection awaits approval from the Appointments Committee of the Cabinet (ACC), headed by Prime Minister Narendra Modi. According to AIP Online Bureau, after the FSIB's selection, Joshi's name will be sent for approvals by the Department of Financial Services (DFS) before final confirmation. The FSIB is headed by Bhanu Pratap Sharma, former secretary of the Department of Personnel and Training (DoPT), with other members including the secretary of the Department of Financial Services, secretary of the Department of Public Enterprises, IRDAI member, former LIC managing director Usha Sangwan, and former Oriental Insurance managing director A V Girija Kumar. The official note confirming the selection was signed by the Secretary of the Financial Services Institutions Bureau, following the structured evaluation process undertaken for appointments to senior positions in financial institutions.
Hitesh Joshi holds a post-graduate degree in Accountancy from Mumbai University and a Master's Degree in Financial Management from the Jamnalal Bajaj Institute of Management Studies. As Executive Director, he oversaw multiple departments including Human Resource Management, International Business Operations, IT, Claims Vertical, Audit & Compliance (Internal & CAG), Budgeting, Legal, Mergers & Acquisitions, Digital Team, Business Intelligence Unit (BIU), Actuary and Office support services. With GIC Re since July 1990, Joshi has undertaken diverse 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. GIC Re is recognized as one of the key institutions in India's reinsurance sector, and the CMD position carries significant responsibility for leading the organization's overall strategy and operations, ensuring leadership continuity for India's premier reinsurance company.
