Government Appoints Hitesh Rameshchandra Joshi as CMD of GIC Re; Takes Charge from June 16, 2026

Mumbai, June 16, 2026: In a significant leadership development in the PSU insurance sector, the Government of India has appointed Shri Hitesh Rameshchandra Joshi as the new Chairman-cum-Managing Director (CMD) of General Insurance Corporation of India (GIC Re), effective June 16, 2026.

The appointment was approved by the Ministry of Finance on June 15, 2026, and formally disclosed by the corporation to stock exchanges on June 16, 2026.

Assumed Charge Immediately, Tenure Till 2028

Shri Joshi has taken charge as CMD with effect from June 16, 2026. His tenure will continue until September 30, 2028, or until further government orders, whichever is earlier.

This marks a key transition in leadership for India’s premier reinsurance institution.

From Executive Director to CMD

Prior to this elevation, Shri Joshi served as Executive Director at GIC Re, where he handled several critical portfolios including reinsurance operations, enterprise risk management, finance, internal audit, investor relations, and strategic planning.

He also oversaw HR, IT, claims, compliance, legal, vigilance, and digital transformation functions during his tenure as Executive Director.

Strong Academic and Professional Background

Shri 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. He is also a Fellow of the Insurance Institute of India.

Clean Regulatory Record

According to the disclosure, Shri Joshi:

• Is not related to any existing directors of the corporation

• Is not debarred by any regulatory authority

• Does not hold any equity shares in the company

Strategic Importance of the Appointment

GIC Re plays a central role in India’s insurance and reinsurance ecosystem. The appointment is expected to support:

• Stronger governance and leadership continuity

• Enhanced risk management framework

• Operational efficiency across business verticals

• Continued digital and financial transformation