Rakesh Jain to head Reliance General Insurance

October 21st, 2011 - 3:00 pm ICT by IANS  

Mumbai, Oct 21 (IANS) The board of directors of private non-life insurer Reliance General Insurance Company Friday announced the appointment of Rakesh Jain as its new CEO and executive director.

The appointment is subject to the nod of Insurance Regulatory and Development Authority (IRDA), according to a statement issued by the company.

“Pawar has been instrumental in building the company in challenging times. He will continue to provide inputs and guide the company as a non-executive director on the board of the company. We are happy to announce the appointment of Rakesh Jain as the new CEO and executive director with immediate effect and look forward to his leadership in turning around operations,” said Sam Ghosh, CEO, Reliance Capital Ltd, the holding company for the insurer.

The Rs.1,655 crore premium income Reliance General is a subsidiary of Reliance Capital and part of the Anil Ambani-led Reliance Group.

Jain, 41, is a chartered accountant and cost accountant by qualification. He was earlier with ICICI Lombard General Insurance Company where he overlooked various activities like operations, information technology, claims management, reinsurance, corporate business and the broking channel.

At Reliance General, Jain will succeed Vijay Pawar, executive director and CEO who will now be the non-executive director on the board.

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