The Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension schemes, welcomes Hitesh Patel as an independent non-executive director to its board of directors and that of its parent company, The Pension Insurance Corporation Group Limited (PICG).
This announcement follows the recent completion of the acquisition of PICG by Athora Holding Ltd.
Patel will chair PIC’s Investment and Origination Committee and will be a member of the Nominations Committee, Conflicts Committee and Board Risk Committee.
He currently serves as Chairman of Canopius Management Agency and Chairman of the Investment Committee of Canopius Group. He is also a non-executive director and senior independent director of Landmark Mortgages Limited, Chairman of the Board of Augusta Ventures Holdings Limited, Deputy Chairman and a member of the Council of the London School of Hygiene and Tropical Medicine, and Chairman of the Audit and Risk Committee.
Patel brings extensive insurance and financial services experience to PIC, including his role as CEO of Lucida plc and 25 years earlier in his career at KPMG.
PIC Chairman David Weymouth said: “We are delighted to welcome Hitesh as an independent non-executive director. His fresh perspective and wealth of experience will be invaluable as we continue to strengthen governance and oversight and deliver on PIC’s objective of delivering pensions to current and future policyholders. Hitesh’s appointment reflects PIC’s commitment to maintaining a highly skilled Board with diverse thinking that can guide the business into its next phase of growth.”
Patel commented: “I am delighted to be joining PIC at this exciting time. PIC’s purposeful approach, and the need to maintain strong governance to achieve this goal over the coming decades, is highly aligned with my values. I am delighted to be working alongside David and the Board as the company continues to secure the pensions of a growing number of defined benefit pension scheme members.”
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