SBI General core team in place; may begin operations by June

SBI General Insurance has put in place its top management team and is expected to commence operations by June.
The company has appointed Mr R.R. Bele as its Managing Director and CEO. Prior to this, Mr Bele held the position of General Manager with State Bank of India.
Mr Rob Logie, the representative from Insurance Australia Group (IAG), has been appointed as the Deputy CEO.
Joint venture
SBI General Insurance is a 74:26 joint venture between State Bank of India and IAG. SBI had signed the joint venture agreement with IAG in November 2008 for foraying into the general insurance business.
While SBI has invested Rs 111 crore for its 74 per cent equity, IAG brought in Rs 542.10 crore (including share premium) for its stake of 26 per cent
SBI General Insurance has received the final R3 licence from the Insurance Regulatory and Development Authority and is in the process of getting its products approved from the insurance regulator. The company will have its soft launch soon after the products are approved. However, the full launch will only be in June.
Products
“We have filed for 22 products with the regulator. The products will cater both to the corporate and the retail segment”, said Mr Avijit Ghosh, National Underwriting Manager-Corporate and SME, SBI General Insurance.
Health products are not in the initial filings. But they will be a part of the bouquet of products offered by the time the full launch happens in June, Mr Ghosh said, while speaking on the sidelines of an insurance seminar organised by the Asia Insurance Review.
However, the company does not plan to offer liability products in the initial phase.
The company is in the process of setting up its distribution network. It has already opened seven branches in large centres and 13 branches in smaller centres