Sharad Mathur has already joined IndusInd General Insurance to succeed Rakesh Jain, while Parag Ved, MD & CEO of Liberty General Insurance is currently one of the frontrunners to succeed Tapan Singhel at Bajaj General Insurance, who completes 15 years in March 2027.
Mumbai: Two of India’s large private-sector general insurers-—Bajaj General Insurance and IndusInd General Insurance, formerly Reliance General Insurance- are preparing for a leadership reset, with their long-serving CEOs nearing the IRDAI’s 15-year tenure ceiling.
Tapan Singhel,MD&CEO, Bajaj General Insurance
While Bajaj Finserv, the holding company of Bajaj General Insurance, is yet to announce a successor to incumbent MD & CEO Tapan Singhel(in pic), IndusInd General Insurance has appointed Sharad Mathur, who until recently headed Universal Sompo General Insurance, to succeed Rakesh Jain.
Rakesh Jain,MD&CEO,IndusInd General Insurance
Mathur has already joined the Hinduja Group-owned IndusInd General Insurance and is expected to take charge as CEO within the next few days, industry sources said.
Sharad Mathur, MD and CEO-designate,IndusInd General Insurance
With 30 years of professional experience Mathur has earlier worked with SBI General and ICICI Lombard General Insurance. .
For Bajaj General Insurance, Parag Ved, MD & CEO of Liberty General Insurance, is currently one of the frontrunners to succeed Singhel, according to industry sources. Ved has headed Liberty General for the past three years and was earlier with Tata AIG General Insurance.
There are a few internal candidates from the company who are also being considered to succed Singhel.
However Ved has denied any move to quit his present company to join Bajaj General Insurance.
“Ved continues to serve as the CEO & Whole Time Director of Liberty General Insurance and remains fully engaged in leading the company, driving its strategic priorities and growth agenda,” said a statement from Liberty General Insurance on Thursday.
Meanwhile, Saurabh Maini, currently Chief Consumer Business Officer at Tata AIG General Insurance, could succeed Ved at Liberty General, sources said.
Maini has also declined the development.
Bajaj Finserv has already begun the process of identifying Singhel’s successor at the Pune-based insurer, industry sources added. Asia Insurance Post could not independently confirm the development, as Bajaj Finserv did not respond to queries.
IRDAI regulations stipulate that the MD & CEO of an insurance company can’t continue in the same position for more than 15 years.
Singhel will complete 15 years at Bajaj General in March 2027. After completing his initial 10-year tenure, he received a third five-year extension as MD & CEO effective April 1, 2022.
He is the first MD & CEO in the Indian general insurance industry to receive three consecutive extensions at the same company. Singhel is expected to continue with the Bajaj Group in another capacity after relinquishing his current position, industry sources said.
Singhel began his career in 1991 as a direct-recruit officer with state-owned New India Assurance before moving to then Bajaj Allianz General Insurance in 2002, among the first private-sector joint-venture insurers to commence operations in India.
By March 2027, Singhel will have completed 25 years with Bajaj Allianz General Insurance.
The impending leadership changes follow the exits of three other prominent private-sector general insurance CEOs—Bhargav Dasgupta of ICICI Lombard General Insurance and Ritesh Kumar of HDFC ERGO General Insurance,Roopam Asthana of Liberty General—after they completed the 15-year tenure limit.