Universal Sompo General Insurance Company has appointed Amit Bhandari, now Chief Technical & Operations Officer and Chief Risk Officer at Magma General Insurance, as its Managing Director and Chief Executive Officer for three years. The board approved the move on 30 October 2026, subject to shareholder and Insurance Regulatory and Development Authority of India (IRDAI) approval.
The appointment fills the top job left open since Sharad Mathur, who was appointed Universal Sompo MD & CEO in 2020, stepped down at the close of business on 18 August 2026. Mathur took charge as MD & CEO of IndusInd General Insurance on 20 October 2026.
Universal Sompo MD & CEO appointment: the timeline
According to the insurer’s disclosure to BSE dated 31 October 2026, the board acted on the recommendation of its Nomination and Remuneration Committee and approved two roles for Bhandari:
- Additional Director (Executive) on the Universal Sompo board, effective 1 February 2027
- Managing Director & CEO for a three-year term, effective from the date IRDAI approves the appointment
The same filing said Mudit Gupta ceased to be Alternate Director to Aditya Vardhan Tibrewala on 30 October 2026, after the original director returned to India.
Who is Amit Bhandari?
Bhandari has more than 25 years of insurance experience across underwriting, claims, reinsurance, risk management, operations, distribution and investments, the company said. At Magma General Insurance, where he has worked for over a decade, he has played a key role in scaling gross written premium while improving profitability and operational efficiency. He earlier worked at ICICI Lombard.
Bhandari has also been the technology voice of Magma. As its Chief Technical Officer, he led the insurer’s debut on the National Health Claims Exchange when Magma HDI processed its first claim through the NHCX portal in 2024.
Magma General Insurance told the exchange that Bhandari resigned on 30 October 2026 as its Chief Technical Officer and Key Managerial Personnel to pursue a better career opportunity. He will leave Magma at the close of business on 27 January 2027, according to the Magma General Insurance filing.
Why the appointment matters for Universal Sompo
Universal Sompo is a joint venture of Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments and Japan’s Sompo, giving it bancassurance reach through its three bank promoters. The insurer has invested in digital claims, including AI-powered tools for motor claim settlements.
A leader from the underwriting, risk and operations side will take charge as Sompo looks at growth in India after the government allowed 100% foreign direct investment in insurance. The move is part of a wider leadership reshuffle in Indian insurance this year, which also saw Sidharatha Mishra named MD & CEO of ICICI Prudential Life Insurance.
Key takeaways
- Universal Sompo’s board approved Amit Bhandari as MD & CEO for three years on 30 October 2026, subject to shareholder and IRDAI approval.
- He joins the board as Additional Director (Executive) on 1 February 2027 and leaves Magma General Insurance on 27 January 2027.
- The post has been vacant since Sharad Mathur left on 18 August 2026 to lead IndusInd General Insurance.
Featured image: Amit Bhandari, MD & CEO-designate, Universal Sompo General Insurance. Photo: Magma General Insurance
