06 December, 2007
Royal Sundaram Alliance Insurance Company Limited has announced the appointment of Mr. P.M. Venkatasubramanian as the Chairman of its Board. Mr Venkatasubramanian has been on the Board of the Company since March 2001. He succeeds late Mr. G.K. Raman, who was the Chairman of the Company since its inception in October 2000 until his demise in August 2007.
Mr Venkatasubramanian has over four decades experience in India's General Insurance Industry. He started his career with the Madras Motor and General Insurance Company. After the nationalisation of the Insurance Industry, he joined United India Insurance Company in 1972 and worked in various senior positions. He eventually retired as the Managing Director of General Insurance Corporation of India in 1999. Mr Venkatasubramanian took an active interest in academics and was a faculty member in the National Insurance Academy and Insurance Institute of India. Mr.Venkatasubramanian continues to serve on the Boards of several Companies.
Speaking on his appointment, Mr. Venkatasubramanian said: 'The General Insurance industry is currently passing through an exciting phase. Tariff abolition is expected to be a catalyst for products and service innovation. Royal Sundaram is recognised in the market as a well-established and reputable player. I look forward to working closely with this team, as Royal Sundaram is poised for the next level of growth'.
About Royal Sundaram
Royal Sundaram Alliance Insurance Company Limited is a joint venture between Sundaram Finance and Royal & SunAlliance Insurance Group plc, UK, where the former holds 74% and the latter holds 26% of the equity of the venture. Royal Sundaram, which currently has over 2 million customers in its fold, reported a Gross Written Premium of Rs 601 crores and a Profit after tax of Rs.21 crores, for the year ended 31st March 2007.
Royal Sundaram's range of innovative general Insurance products include Motor, Health, Personal Accident, Home and Travel Insurance for individual customers, distributed through Agents, Distribution Partners, Affinities and Brokers. For Commercial clients, Royal Sundaram offers a wide range of specialised insurance covers in Fire, Marine, Engineering, Liability and Business Interruption risks apart from specially designed products for Small and Medium enterprises. Royal Sundaram currently has over 750 employees and its products are distributed in over 150 cities across India.
About Sundaram Finance
Sundaram Finance, a Triple A rated Non-Banking Finance Company, is one of the most respected financial services companies in India. The Sundaram Finance group's operations span Vehicle finance, Home mortgages, Asset management, General Insurance, Business process outsourcing, IT solutions and distribution of financial products. Sundaram Finance has a network of over 320 branches across India with over 2,500 employees.
About Royal & SunAlliance
Royal & SunAlliance is one of the world's leading multinational quoted insurance groups, with the capability to write business in over 130 countries and with major operations in the UK, Scandinavia, Canada, Ireland, the Middle East and Latin America. Focussing on general insurance, it has around 24,000 employees. In 2006, its net written premiums were £5.5bn. With an almost 300 year heritage, Royal & SunAlliance is the oldest insurance company in the world still trading under its original name.