Reliance General Insurance, a part of Reliance Capital, has appointed Rakesh Jain as CEO and executive director of the company. He succeeds Vijay Pawar who was executive director and CEO till now but will continue to guide the company as a non-executive director.
Jain has 17 years of experience and prior to joining Reliance, he was working with ICICI Lombard. He had also worked as a leader across operations, IT, claims management, reinsurance, corporate business and the broking channel during his stint with ICICI Lombard. He is a chartered accountant and a cost accountant.
Reliance General Insurance is one of the numerous private insurance companies in the country offering various types of insurance products including auto, health, travel and student travel insurance, and plans to bring over-the-counter health & home insurance policies.
Earlier this year, the group had struck a partnership with Japan’s Nippon Life Insurance to sell 26 per cent stake in the life insurance unit under Reliance Capital for around $680 million. Reliance Capital and Nippon Life also signed a memorandum of understanding (MoU) to expand their strategic partnership in India across all Reliance Capital-promoted financial businesses.
Reliance Capital has interests in asset management and mutual funds, life and general insurance, commercial finance, equities and commodities broking, investment banking, wealth management services, distribution of financial products, exchanges, private equity, asset reconstruction, proprietary investments and other activities in financial services. It is also looking for a banking licence.