Hitesh Patel Joins Pension Insurance Corporation Board to Enhance Governance

Pension Insurance Corporation plc (PIC) has announced the addition of Hitesh Patel as an independent non-executive director to its Board, including the Board of its parent company, Pension Insurance Corporation Group Limited (PICG). This strategic appointment follows Athora Holding Ltd’s recent acquisition of PICG, marking a significant phase in the company’s growth trajectory within the insurance sector.

Key Role and Responsibilities

Hitesh Patel will serve as Chair for PIC's Investment and Origination Committee and participate in its Nomination, Conflicts, and Board Risk committees. He is currently Chair of Canopius Managing Agents and the Canopius Group’s Investment Committee. Additionally, Patel holds directorial roles with Landmark Mortgages Limited and Augusta Ventures Holdings Limited, and is Deputy Chair and Council Member of the London School of Hygiene and Tropical Medicine.

Patel brings a robust background in insurance and financial services, having previously served as CEO of Lucida plc and spending 25 years at KPMG. David Weymouth, Chairman of PIC, praised Patel's appointment, highlighting his potential to bolster the company’s governance. “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,” stated Weymouth, emphasizing PIC's commitment to policyholders.

Expressing his enthusiasm, Patel stated, “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 the coming decades, strongly aligns with my values.” This appointment underlines PIC’s strategic development amid ongoing expansion efforts in the defined benefit pension scheme sector.