Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension schemes, has welcomed Hitesh Patel as an independent non-executive director on its Board and the Board of its parent, Pension Insurance Corporation Group Limited (PICG).
This announcement follows Athora Holding Ltd’s recently completed acquisition of PICG.
Patel will become Chair of PIC’s Investment and Origination Committee and will be a member of the Nomination, Conflicts, and Board Risk committees.
He currently serves as Chair of Canopius Managing Agents and chairs Canopius Group’s Investment Committee. He is also a Non-Executive Director and Senior Independent Director of Landmark Mortgages Limited, Chairs the Board of Augusta Ventures Holdings Limited and serves as Deputy Chair and Council Member of the London School of Hygiene and Tropical Medicine, Chairing its Audit and Risk Committee.
Patel brings extensive insurance and financial services experience to PIC, including his former role as CEO of Lucida plc, as well as spending 25 years at KPMG earlier in his career.
David Weymouth, Chairman of PIC, said, “We are pleased to welcome Hitesh as an independent non-executive director. His fresh perspectives and wealth of experience will be invaluable as we continue to strengthen our governance and oversight, fulfilling PIC’s purpose of paying the pensions of our 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 through its next phase of growth.”
Patel commented, “I am delighted to be joining PIC at this exciting juncture. PIC’s purposeful approach, and the need to maintain strong governance to achieve it over coming decades, strongly aligns with my values. I’m excited to work alongside David and the Boards as the company continues to secure the pensions of increasing numbers of defined benefit pension scheme members.”
