Mumbai: General Insurance Corporation of India (GIC Re), the National Reinsurer, has announced the appointment of Alice G Vaidyan as the Chairman and Managing Director (CMD) with effect from January 25, 2016. GIC Re is the 14th largest reinsurer globally and is presently the only reinsurance company in India.
Alice is the first lady officer (and also, probably the first person from Kerala) to assume the post of CMD of General Insurance Corporation. It may be noted that there have been hardly any women at the top level in non-life insurance sector. She will hold office till July 31, 2019. She was earlier General Manager and CFO of GIC Re from October 2012 till January 24, 2016 when she was elevated as CMD of the Corporation.
She is also a director on the Board of GIC Bhutan Re Ltd., a joint venture reinsurance firm established by GIC Re in Bhutan; and also would be the Chairman of GIC South Africa Re Ltd., Kenindia Insurance Company Ltd., Kenya and GIC Housing Finance Company.
Commenting on her appointment, Alice said, “My goal is to take GIC Re into the top 10 global reinsurers while still maintaining the present status as national reinsurer. GIC would now have to play a responsible and mature role in developing the reinsurance market in India in collaboration and cooperation with new entities.”
Alice belongs to the 1983 batch of direct recruit officers of general insurance industry. She began her career with the public sector general insurer, The New India Assurance Company Limited 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 Limited in various capacities. She moved to GIC Re in 2008 as Deputy General Manager (Reinsurance).
A post graduate in English literature and a Fellow of the Insurance Institute of India, Alice has won several national and international awards. She is a speaker of repute in national and international conferences and a visiting faculty at National Insurance Academy at Pune.
Alice is wife of Dr. M G Vaidyan (Vazhayil family of Thevalakara in Kollam District) and is based out of Mumbai.
Kerala Biz News