Universal Sompo General Insurance’s board approved the appointment of Amit Bhandari as managing director and chief executive officer (CEO) for a three-year term, subject to necessary approvals, the insurer announced on 31 October.
He has also been appointed as an additional director (executive), effective 1 February 2027, the Mumbai-headquartered insurer said in a stock exchange announcement.
Bhandari will join Universal Sompo after spending over 10 years at Magma General Insurance, where he currently serves as chief technical and operations officer and chief risk officer. Earlier in his career, he also worked at ICICI Lombard.
“Amit Bhandari is a seasoned insurance professional with over 25 years of experience across underwriting, claims, reinsurance, risk management, operations, distribution and investments,” the insurer said. It added that his leadership, strategic thinking, stakeholder management skills and industry expertise make him a strong candidate for the role.
Bhandari’s appointment follows the cessation of Mudit Gupta’s tenure as alternate director to Aditya Vardhan Tibrewala on 30 October 2026, after Tibrewala returned to India.
Universal Sompo is a joint venture of Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments, and global insurer Sompo.
The appointment comes as Sompo assesses opportunities to expand its presence in India. In June, Kenneth Reilly, CEO of insurance for Asia Pacific at Sompo, said the Japanese insurer was evaluating growth opportunities in the market following insurance sector reforms.
He said the government’s decision to raise the foreign direct investment limit in the insurance sector to 100%, together with its Insurance for All by 2047 vision and broader regulatory reforms, has created a more encouraging environment for international insurers.
