GIC Re appoints first female chairman
GIC Re, India’s national reinsurer, has appointed Alice Vaidyan as its new chairman and managing director (CMD), replacing acting CMD K Sanath Kumar.
Vaidyan becomes the first woman to be appointed as chairman of an Indian re/insurer. GIC Re is also the 14th largest reinsurer globally and is the only reinsurance company in India.
Vaidyan has previously served as the general manager and chief financial officer of GIC Re. She will hold office until July, 2019.
She is also a director on the Board of GIC Bhutan Re, a joint venture reinsurance company established by GIC Re in Bhutan. As CMD of GIC Re, Vaidyan will also be the chairman of GIC South Africa Re, Kenindia Insurance Company, Kenya and GIC Housing Finance Company.
GIC Re said Vaidyan takes over the reins of the Indian reinsurer at a crucial juncture for the company.
“With overseas reinsurers including the Lloyd’s of London soon to set up shop here, the Indian insurance industry would witness the creation of a new reinsurance ecosystem in the country,” it said.
“GIC Re would now have to play a responsible and mature role in developing the reinsurance market in India with collaboration and cooperation of the new entities. It would be required to create healthy competition and have meaningful engagements with the Government and the regulator on key issues to bring stability and growth in the sector. “
Vaidyan began her career with the public sector general insurer, The New India Assurance Company in 1983. Over the years, she worked in Thiruvananthapuram, Ahmedabad, Kochi and Mumbai offices of the company, including the corporate office of New India Assurance Company in various capacities. She moved to GIC Re in 2008 as deputy general manager (reinsurance).
