Bajaj Finserv to rope in ex-GIC re chief for reinsurance venture

Mumbai: Bajaj Finserv is set to appoint N Ramaswamy Narayanan, the former chairman and managing director of General Insurance Corporation of India (GIC Re), to lead its entry into the reinsurance sector, people familiar with the matter said.

Narayanan, who retired from state-owned GIC Re in September 2025, is expected to join the Bajaj Group company next week, they said.

Bajaj Finserv and Narayanan did not respond to requests for comment by press time.


Also read: National Housing Bank set to conduct forensic audit of SRG Housing Finance

In July, Bajaj Finserv's board had approved a proposal to pursue reinsurance through a wholly owned subsidiary, subject to approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and other regulators.

For the Bajaj Group, the move will add a reinsurance arm to its existing insurance presence through Bajaj General Insurance and Bajaj Life Insurance, giving it exposure across the insurance value chain.

Narayanan brings more than three decades of reinsurance experience. He had joined GIC as a direct recruit officer. He handled almost all major non-life classes, including fire, engineering, motor, liability, aviation, marine and agriculture, as well as business across international markets. He also spent close to five years as CEO of GIC Re's UK operations. He was involved in the branch's operations and the setting up of GIC's Lloyd's syndicate.

Narayanan became GIC Re's CMD in October 2023 and retired from the position on September 30, 2025. The government subsequently appointed Hitesh Joshi as GIC Re's CMD in June 2026.

India is looking to deepen its domestic reinsurance market and retain a larger share of premiums currently ceded to overseas companies. According to industry estimates, the country sends about $5 billion offshore annually as reinsurance premium, including around $1.5 billion as retrocession.

Also read: RBI grants Core Investment Company registration to Indiabulls

The domestic reinsurance market is dominated by GIC Re, while new capacity is emerging through GIFT City. More than two dozen reinsurers have started operating through the International Financial Services Centre, with reinsurance premium volumes rising sharply in recent years.

According to IFSC data, insurance offices in GIFT City booked $419.16 million of reinsurance and insurance premiums in the June quarter of FY27 compared with $42.75 million a year ago.

The increase in capacity has also put pressure on pricing. Reinsurance rates have softened as domestic and global players seek to build books in India.