Bajaj General Insurance, formerly known as Bajaj Allianz General Insurance, has appointed Deepak Reddy as CEO-designate, effective January 1, 2027. He will take charge as managing director and chief executive officer on April 1, 2027, subject to approval from the Insurance Regulatory and Development Authority of India (IRDAI), the company said on Friday.
Reddy will succeed Tapan Singhel, who will continue to lead the company until March 31, 2027, to ensure a smooth transition. The leadership change is in line with IRDAI's maximum continuous tenure of 15 years for managing directors, CEOs and whole-time directors, the company said.
Bajaj General Insurance is a material unlisted subsidiary of Bajaj Finserv.
Sanjiv Bajaj, chairman and managing director of Bajaj Finserv, said Singhel played a defining role in building the insurer from its early years as a joint venture into a wholly Bajaj-owned company.
“Under his leadership, the company has earned a reputation for underwriting discipline, innovation, and an unwavering commitment to customers. His legacy is not just a successful business, but a strong institution built to endure,” Bajaj said.
He added that the insurance sector's next phase of growth would bring opportunities to protect more lives, livelihoods and businesses. Reddy is expected to build on the foundation laid by Singhel and his team, he said.
Reddy brings over three decades of experience
Reddy has more than three decades of experience in financial services, having held senior leadership roles at Bajaj Finserv, American Express, Standard Chartered Bank and MIRC Electronics.
During his 17-year association with Bajaj Finserv, he helped build and scale several businesses. In his most recent role within the group, he led the rural, insurance and gold loan businesses at Bajaj Finance. He also served as Bajaj Finserv's first group head of human resources.
Before the appointment, Reddy was the chief executive officer of Manappuram Finance.
Singhel said the company had focused on understanding customers' concerns and finding ways to address them, rather than simply selling insurance policies.
“As Bajaj General Insurance enters its next chapter, I am confident that the new team will continue to push boundaries, find better solutions to customer concerns and stay true to our purpose of ensuring that our citizens can live a life of dignity,” he said.
The company, established in 2001, offers motor, health, home and other general insurance products and operates across nearly 1,500 towns and cities in India.