Mr. K. Sanath Kumar who was serving as Director & General Manager in New India Assurance (NIA), has been appointed as Director and General Manager of General Insurance Corporation of India (GIC Re). This post was lying vacant at India’s sole reinsurer GIC Re for over a month.
K. Sanath Kumar carries 33 years of experience in Indian Non-Life Insurance Industry. Currently, he is a General Manager in-charge of IT, Business Reengineering, Liability, and Miscellaneous Insurance & Bancassurance in NIA. He is also a Director on the Board of Directors of New India Assurance, Prestige Assurance PLC, and OTC Exchange of India & United India Insurance Company Limited.
The top position at GIC Re was held by Mr. Yugandhara Rao who shifted to head a subsidiary of GIC Re in South Africa. Mr. Kumar is expected to take charge of the new position from 1st August 2015.
GIC of India (GIC Re) was formed to control and operate the business of general insurance in India. It is the sole reinsurance company in the Indian insurance market with over four decades of experience. GIC’s four largest fully owned subsidiary companies are – National Insurance Company Limited, New India Assurance, Oriental Insurance and United India Insurance.
