Swaraj Krishnan Appointed CEO-Designate of Magma HDI General Insurance Company
Mr. Krishnan will look into the implementation, growth and expansion of Magma HDI across the country and will be responsible for overseeing all business operations.
Tweet-- Magma Fincorp Limited, India's leading retail finance company today announced the appointment of Mr. Swaraj Krishnan as CEO - Designate of its insurance joint venture Magma HDI General Insurance Company Limited. Mr. Krishnan will look into the implementation, growth and expansion of Magma HDI across the country and will be responsible for overseeing all business operations.
Commenting on Mr. Krishnan's appointment, Mr. Sanjay Chamria, Vice Chairman & Managing Director, Magma Fincorp Limited, said, "We are pleased to have Swaraj joining us as the CEO- Designate of Magma HDI. He brings with him an indelible wealth of strategic abilities which I'm confident will help in making Magma HDI into a strong name. We wish him all the best and hope he has a long and fruitful association with us."
Prior to taking over this new responsibility, Mr. Krishnan was CEO of Bajaj Allianz. Swaraj started his career at New India Assurance in 1981 and was with the company for two decades. His 29 years of overall experience and expertise in the insurance industry reflects his commendable and in-depth understanding of the sector. Mr. Krishnan will be based in the company's corporate headquarters in Kolkata.
"I am proud to be associated with Magma HDI General Insurance Company. This is for the first time that a private insurance company is being headquartered in Eastern India. I look forward to an enterprising journey with this group of young enthusiasts. Together we will ensure that we fulfill the dream of making Magma HDI a household name with its products and services", said Mr. Krishnan on his appointment.
Mr. Krishnan holds a Masters Degree in Business Economics from University of Delhi and Certificate of Reinsurance from Chartered Insurance Institute, London. Mr. Krishnan is a voracious reader, listens to hindustani classical music and enjoys playing golf.
Notes to Editor
About Magma Fincorp Limited
Magma Fincorp Limited ("Magma") is a non-deposit taking non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI) as an Asset Finance Company. The Company, having started operations over two decades back, is listed on the Bombay Stock Exchange Limited and the National Stock Exchange in India.
Magma provides a bouquet of financial products including financing of Utility Vehicles & Cars, Commercial Vehicles, Construction Equipments, Tractors and SME Loans. Magma has a dedicated base of over 2.0 lac customers and has assets of approximately INR 9390 crores under management. The company has 151 branches in 20 states and 1 union territory and employs about 4400 people.
Magma has recently signed a joint venture with HDI Gerling, part of Talanx Group, Germany's third largest insurance group to start a general insurance company in India. The new company will be head quartered in Kolkata. The new insurance company since has obtained Reserve Bank of India approval and is currently awaiting the Insurance regulator IRDA approval for commencement of operations.