Universal Sompo Picks Magma General’s Amit Bhandari as MD & CEO
Universal Sompo names Amit Bhandari as MD and CEO, bringing leadership experience from Magma General Insurance to the role.
Universal Sompo has appointed Amit Bhandari, formerly of Magma General Insurance, as its new Managing Director and CEO. The appointment marks a key leadership change at the insurer.
NEW DELHI – Universal Sompo General Insurance Company Limited has approved the appointment of Amit Bhandari as its Managing Director and Chief Executive Officer for a period of three years. The company disclosed the decision in a filing to BSE Limited on October 31, 2026.
The Board of Directors cleared the appointment at its meeting on October 30, 2026, on the recommendation of the Nomination and Remuneration Committee. The appointment as MD & CEO remains subject to approval from shareholders, the Insurance Regulatory and Development Authority of India (IRDAI), and any other statutory or regulatory approvals required under applicable law.
Universal Sompo: Appointment timeline
The Board approved Bhandari (DIN: 12027407) in two capacities. He will be appointed as an Additional Director (Executive) with effect from February 1, 2027. His appointment as MD & CEO will take effect from the date of IRDAI’s approval, according to the disclosure annexed to the filing.
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The company made the disclosure under Regulation 51(2), read with Part B of Schedule III, of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing is addressed to the Wholesale Debt Market segment of BSE and lists two scrip codes, 975858 and 976951, with ISINs INE635M08015 and INE635M08023. The company said the information is also being placed on its website, www.universalsompo.com.
Universal Sompo: Who is Amit Bhandari
According to the company’s disclosure, Bhandari has over 25 years of experience in insurance, spanning underwriting, claims, reinsurance, risk management, operations, distribution and investments.
He currently serves as Chief Technical & Operations Officer and Chief Risk Officer at Magma General Insurance Company Limited. The filing states that in this role he has played a key part in scaling the company’s Gross Written Premium while improving profitability and operational efficiency.
The company described his leadership, strategic thinking, stakeholder management skills and industry expertise as making him a strong candidate for the MD & CEO role. The filing states that Bhandari has no relationships with other directors and is not debarred from holding office by any SEBI order or other authority.
Universal Sompo: Alternate director steps down
The same filing reported a separate change on the board. Mudit Gupta (DIN: 09582523) ceased to be Alternate Director to Aditya Vardhan Tibrewala (DIN: 03161165) with effect from October 30, 2026. The company attributed this to the return of the original director to India, which ended Gupta’s tenure as alternate.
The filing was signed by Aarti Kamath, Company Secretary & Compliance Officer (Membership No. F6703). It does not name the executive Bhandari will succeed or specify a date for the shareholder approval process.
Universal Sompo General Insurance is a general insurer registered with IRDAI (Regn. No. 134) and headquartered in Goregaon East, Mumbai. The filing carries the company’s ICRA rating of AA+.
