FSIB recommends Hitesh Joshi as CMD of GIC Re; awaits Cabinet nod

FSIB has recommended Hitesh Joshi for the CMD post at GIC Re, marking the first selection process allowing private sector applicants; the final decision now moves to the Cabinet

Financial Services Institutions Bureau on Tuesday recommended Hitesh Joshi as Chairman-cum-Managing Director (CMD) of the domestic reinsurer GIC Re.

 

The final decision on the FSIB recommendation will be taken by the Appointments Committee of the Cabinet. He is currently serving as the executive director and acting CMD of the reinsurer after the position fell vacant following the retirement of N Ramaswamy at the end of September 2025. This is also the first time that private sector candidates were allowed to participate in the interviews for the company.

 

“Financial Services Institutions Bureau interfaced with five eligible candidates on February 24, 2026, for the position of Chairman-cum-Managing Director (CMD) in GIC Re. Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Shri Hitesh Rameshchandra Joshi for the position of CMD in GIC Re,” FSIB said.

 

Over the course of his career in GIC Re, he has undertaken a diverse range of assignments across key functions, including reinsurance (both domestic and international inward business), retrocession, finance, internal audit, budgetary control, credit rating, investor relations, and served as executive assistant to the chairman and managing director of the corporation.

 

In his current role as executive director, he oversees multiple areas such as international business operations, human resources, information technology, office services, business intelligence and actuarial functions.

 

Joshi is a postgraduate in accountancy from Mumbai University and holds a master’s degree in financial management from the Jamnalal Bajaj Institute of Management Studies, Mumbai. He is also a Fellow of the Insurance Institute of India.