Mumbai, October 5, 2026: Bajaj Finserv is set to appoint former General Insurance Corporation of India Chairman and Managing Director N Ramaswamy Narayanan to lead its planned reinsurance business, according to a report published on October 5 by Economic Times.
Narayanan, who retired from GIC Re on September 30, 2025, is expected to join the Bajaj Group company next week, The Economic Times reported, citing people familiar with the matter. Bajaj Finserv and Narayanan had not responded to the publication’s requests for comment at the time of the report.
The development comes after Bajaj Finserv’s board approved a proposal on July 31, 2026, to pursue reinsurance through a subsidiary to be incorporated for the business. The proposal requires approvals from the Insurance Regulatory and Development Authority of India, or IRDAI, and other authorities.
The reported appointment gives Bajaj Finserv an executive with more than three decades of experience in reinsurance at a time when the group is adding another insurance business after taking full ownership of its life and general insurance companies.
Who is N Ramaswamy Narayanan?
Narayanan joined GIC Re in 1988 as a direct recruit officer and spent his career across several parts of the reinsurance business.
His work covered fire, engineering, motor, liability, aviation, marine and agriculture insurance, along with international operations. He also headed GIC Re’s UK operations for close to five years and was involved with the operations of its London branch and the establishment of GIC’s Lloyd’s syndicate.
Narayanan took charge as Chairman and Managing Director of GIC Re on October 1, 2023. GIC Re’s public disclosures show that he remained CMD during FY2024-25 and ceased to hold the position from September 30, 2025.
That experience gives Bajaj Finserv access to someone who has worked across domestic reinsurance, international placements and institutional reinsurance operations.
Reinsurance differs from retail insurance because the customer is generally another insurer. An insurer transfers part of the risk it has taken on policies to a reinsurer in return for premium. This allows insurers to manage exposure to large claims, catastrophe losses and concentrations of risk.
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Bajaj Finserv Approved Reinsurance Entry in July
Bajaj Finserv formally disclosed its intention to enter reinsurance with its June-quarter results on July 31.
The board approved pursuing the business through a subsidiary that will be incorporated for the purpose, subject to IRDAI and other regulatory approvals.
The company has not yet disclosed the proposed subsidiary’s name, initial capital, business mix or timeline for receiving a reinsurance licence.
Under IRDAI’s registration regulations, a company applying exclusively for reinsurance business must have minimum paid-up equity capital of Rs 200 crore.
The licence process will therefore remain an important step even if Narayanan’s appointment is completed.
Reinsurance Adds Another Layer to Bajaj’s Insurance Business
Bajaj Finserv’s plan comes after the Bajaj Group completed the acquisition of Allianz SE’s stake in its Indian insurance businesses.
During FY2026, Bajaj Finserv and promoter group entities completed the acquisition, including the subsequent buyback, of Allianz’s 26% interest in the two insurers for a total transaction value of Rs 24,180 crore.
The businesses were renamed Bajaj General Insurance Ltd and Bajaj Life Insurance Ltd. Bajaj Finserv’s FY26 annual report states that the two companies are now fully owned by the Bajaj Group. Bajaj Finserv directly held 77.33% in each insurer as of March 31, 2026, with the balance held by other Bajaj promoter group entities.
The size of those businesses provides context for the reinsurance plan.
Bajaj General Insurance reported gross written premium of Rs 23,326 crore in FY2026, up 8% from the previous year. It issued 37 million policies, reported profit after tax of Rs 1,942 crore and had assets under management of Rs 35,529 crore at the end of the financial year.
Bajaj Life Insurance reported gross written premium of Rs 32,896 crore, up 21%. New business premium stood at Rs 14,586 crore, while assets under management reached Rs 1.34 lakh crore. Its value of new business was Rs 1,626 crore.
Together, the two insurers wrote more than Rs 56,000 crore of gross premium in FY2026.
A separate reinsurance company would allow Bajaj to participate in risk assumed by insurers rather than limiting its insurance presence to issuing policies directly to individuals and businesses. Subject to its licence and business plan, a reinsurer can also work with insurers outside its own group.
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India’s Reinsurance Market Crossed Rs 1.12 Lakh Crore
Bajaj Finserv is entering the sector as more capital is moving into Indian reinsurance.
IRDAI’s Annual Report 2024-25 placed the total Indian reinsurance market at Rs 1,12,305 crore in FY2024-25, up 11% from Rs 1,00,859 crore in FY2023-24. The figure includes business accepted by Indian reinsurers, foreign reinsurance branches, overseas reinsurers and IFSC insurance offices, along with premiums ceded by direct insurers.
Gross reinsurance premium written by Indian reinsurers and foreign reinsurance branches stood at Rs 69,228.64 crore during FY25.
Of this, Indian business accounted for about 85%, or Rs 58,478.95 crore. GIC Re accounted for 52.43% of this domestic business, while foreign reinsurance branches accounted for the remaining 47.57%, according to IRDAI.
Those figures show why another domestic reinsurer could matter. The market has long depended on GIC Re, foreign reinsurance branches and overseas markets for a large part of its reinsurance requirements.
Private Reinsurers Are Entering the Market
Until recently, GIC Re had little domestic competition.
IRDAI granted an R3 certificate to Valueattics Reinsurance Ltd on March 13, 2025. Valueattics entered operations with initial paid-up capital of Rs 200 crore, becoming another India-based reinsurer alongside GIC Re.
Competition increased again in 2026.
Allianz Jio Reinsurance Ltd, a 50:50 joint venture between Jio Financial Services and Allianz, received its certificate of registration from IRDAI in March 2026 to commence reinsurance business. Jio Financial had earlier announced the venture in July 2025.
Bajaj Finserv would therefore enter a market that now includes GIC Re, Valueattics Reinsurance and Allianz Jio Reinsurance, in addition to foreign reinsurance branches and companies operating from GIFT IFSC.
India Still Sends Billions of Dollars of Reinsurance Premium Overseas
One reason domestic reinsurance is receiving attention is the amount of premium that continues to leave India.
Industry estimates cited by The Economic Times put annual reinsurance premium sent overseas at about $5 billion, including roughly $1.5 billion in retrocession. Retrocession refers to a reinsurer passing part of its own risk to another reinsurer.
At the same time, GIFT City is taking a larger role in insurance and reinsurance placements.
Insurance offices operating through the International Financial Services Centre booked $419.16 million of insurance and reinsurance premium in the June quarter of FY27, compared with $42.75 million in the corresponding quarter a year earlier, according to IFSC data cited in the October 5 report.
The growth of GIFT IFSC, entry of Valueattics and Allianz Jio Reinsurance, and Bajaj Finserv’s proposed business point to a market with more providers than it had a few years ago.
More providers can also affect reinsurance pricing. The October 5 report noted that rates have come down as domestic and international reinsurers compete for business in India.
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What Narayanan’s Reported Appointment Means for Bajaj Finserv
For Bajaj Finserv, appointing Narayanan would address one of the first requirements of building a reinsurance company: putting together leadership with experience in underwriting, international reinsurance, pricing, claims, retrocession and regulatory processes.
His experience at GIC Re also covers the classes of business that account for much of India’s non-life reinsurance demand.
The next steps, however, remain regulatory.
Bajaj Finserv will need to incorporate the subsidiary, establish the required capital and governance structure, apply for and secure registration from IRDAI, and disclose the classes and markets in which the company plans to operate.
It will also need to decide how much of the business will come from the Bajaj Group’s insurance companies and how much will be sourced from other insurers.
As of October 5, Bajaj Finserv has confirmed its intention to pursue the reinsurance business, but the reported appointment of Narayanan has not yet been confirmed through a company filing or statement.
That distinction remains important until the company makes a formal announcement.