ICICI Lombard General Insurance on Sunday said its board of directors approved the appointment of Sanjeev Mantri, currently the executive director, as the managing director and chief executive officer with effect from December 1. Bhargav Dasgupta, the outgoing MD & CEO, would be officiating his responsibilities till the close of business hours on November 30, the insurance company said in a stock exchange filing.
Dasgupta tendered his resignation last Thursday after leading the largest private sector general insurance company for more than 14 years. The Asian Development Bank (ADB) has appointed him as its vice-president (market solutions).
The board of directors of ICICI Lombard, at a meeting on Sunday, approved the appointment of Mantri, 52, as the MD & CEO with effect from December 1, or the date of approval from regulator Irdai, whichever is later, for the period of five consecutive years or his date of retirement, whichever is earlier.
The company will seek approval of its members through postal ballots for Mantri’s appointment. He had joined ICICI Lombard in 2015 as the executive director, spearheading the retail division of the company, and since then has been responsible for distribution of products across motor dealership, agency, bancassurance, direct and alternate channels. He has been in charge of strategy, products, analytics, pricing, marketing, and corporate communication verticals.
“Sanjeev Mantri, as an executive director, has significantly contributed towards the growth of the retail business and improved the company’s position in terms of revenue and profitability in the general insurance sector. Mantri was a key member in the listing of shares of the company on the stock exchanges, the merger of erstwhile Bharti Axa with the company and the integration process,” ICICI Lombard said in the exchange filing.
Mantri has been with the ICICI Group for more than 20 years, beginning his career with ICICI Bank in 2003, where he led businesses, including the small and medium enterprises group and the rural and inclusive banking group.