GIC Re Chief Vigilance Officer Shri S. Alagarswamy Steps Down

Mumbai: General Insurance Corporation of India (GIC Re) has announced that Shri S. Alagarswamy has ceased to be the Chief Vigilance Officer (CVO) and a member of the Corporation’s Senior Management on Saturday. His exit comes after the successful completion of his deputation period, effective from the close of business hours on December 27, 2025.

This information has been shared by GIC Re in a regulatory filing to the stock exchanges on Saturday. The disclosure is in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the SEBI Master Circular dated November 11, 2024.

Shri Alagarswamy, who joined GIC Re on deputation, played a pivotal role in the Corporation's vigilance administration. During his tenure, he was responsible for maintaining transparency and ethical standards within the country’s largest reinsurance company. His departure marks the end of his scheduled term as per the government’s deputation norms for senior officials in Public Sector Undertakings (PSUs).

An experienced professional with a background in the banking sector, Alagarswamy previously served in senior roles at Indian Overseas Bank (IOB). He holds an M.Sc in Agriculture and is a Certified Associate of the Indian Institute of Bankers (CAIIB). His career spans over several decades, during which he has handled diverse portfolios including rural banking, credit, and vigilance operations.

At GIC Re, he was instrumental in strengthening the internal oversight mechanism. As the Chief Vigilance Officer, he worked closely with the management to ensure regulatory compliance and integrity in the Corporation’s vast reinsurance operations both in India and overseas.

The Corporation is yet to announce the name of the successor for the post of Chief Vigilance Officer. The movement is part of a routine administrative transition within the senior management cadre of the state-owned insurer.