Bajaj Allianz General Insurance Appoints Hemant Kaul as CEO

The Board of Bajaj Allianz General Insurance has approved the appointment of Hemant Kaul as the new CEO. The change would be effective from December 1, 2009 and is subject to IRDA approval.

This is following the decision of Swaraj Krishnan to step down as CEO, who is leaving to pursue opportunities outside the group.

Sanjiv Bajaj, MD, Bajaj Finserv Limited, said, “The company is focused towards building the retail segment and hence has appointed Hemant who has significant experience in building retail distribution. We look forward to Hemant leading our existing capable and experienced senior team towards our continued pursuit of profitable growth through high customer service, innovative products and efficient operations”.

Mr. Kamesh Goyal, Country Manager, Allianz India, said, “We welcome Hemant as the new CEO. We are fortunate to have a strong team of senior people in both technical and marketing function to lend ample support. The board joins me to thank Swaraj for his contributions to build this organization.”

The company also initiated an internal restructuring which are as below
• Tapan Singhel currently President will be elevated to Chief Marketing Officer and would be looking after Agency, Bancassurance and Travel channels.

• Anamika Royrashtrawar, will be elevated to President and would be looking after Corporate Marketing and Direct Marketing initiatives

• Hiren Vora, will be elevated to President and would be looking after Gujarat, Rajasthan and South offices.

• Vijay Kumar, will be elevated to President and would be driving the motor insurance business.

Bajaj Allianz General Insurance is one of the leading general insurance companies and in the first half has garnered premium of Rs. 1218 crores and a profit after tax of Rs.54 crores.

About Bajaj Allianz General Insurance
Bajaj Allianz is one of the leading Private Sector life & general insurance companies in India. Bajaj Allianz is a union between Allianz SE, the world’s leading insurer and Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited, one of India’s most respected names). Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion Euros (over Rs. 55,00,000 crores).

At Bajaj Allianz, customer delight is our guiding principle. Ensuring world class solutions by offering you customized products with transparent benefits supported by the best technology is our business philosophy.

Bajaj Allianz began its operations in 2001 and today has a pan-India presence with over with offices and presence in over 1100+ towns in the country. The companies have been constantly expanding its operations to be close to their customers.

Bajaj Allianz General Insurance is one of the leading private general insurance companies in India and is offering various general insurance products like motor insurance, home insurance, health insurance and also unique insurance plans such as wedding insurance, Event Insurance, Film insurance.

Bajaj Allianz General Insurance has received a rating of “iAAA”, which is the highest rating for claims paying ability from ICRA Limited (an associate of Moody’s Investors). This rating has been affirmed for the last two years consecutively.

As on 31st March 2009, the company garnered Rs.2649 crores, a growth of over 10% over the last year. During the year, the company once again emerged as the only private general insurance company to cross Rs.100 crore mark in Profit before Taxes by generating Rs.150 crores. The company issued over 7.6 million policies which reflect our capability to handle volumes and strong infrastructure. The company also paid claims worth Rs.1980 crores in the fiscal 08-09.

In the first half of the current FY 09-10, ending on 30th September 2009, the company garnered premium of Rs.1218 crores and the profit after tax was Rs.54 crores.

For Further Information:
Bajaj Allianz:
Santosh Balan: 09860097056

Blue Lotus Communications:
Shweta Agarwal: 9820849955

Ms. Chitra Shripad
(Mob: +91 9823442065)
Email :- chitra@bluelotuspr.com

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