United India Insurance has named industry veteran M. N. Sarma as its new chairman and managing director.
Sarma’s appointment takes effect immediately, several reports said. He previously served as managing director and CEO of Health Insurance TPA of India.
Citing a press release, Business Standard said he began his career at New India Assurance in 1982 and rose to head the firm’s Hyderabad office and other divisional offices.
Sarma was also a general manager of Oriel Investments, where he handled investments, IT, health, marine cargo and hull departments, internal audit and customer service departments, the
Hindu Business Line reported.
Sarma replaces Girija Kumar, who assumed the position just last March. Last January, the Cabinet Committee on Economic Affairs (CCEA) approved the proposal to have United India Insurance and four other state-owned general insurers listed on the stock exchange, as well as reducing the government’s holdings in each of the companies from 100% to 75%.
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