Praveen Gupta prepares for QBE Raheja departure

February 26 2019 by Andrew Tjaardstra

QBE Raheja’s Praveen Gupta is set to depart from the Mumbai-headquartered property-casualty insurer at the end of March.

Gupta (pictured) has been at the company since March 2008 when he helped successfully obtain a joint venture licence for QBE and conglomerate the Rajan Raheja Group, which also owns Exide Life. In 2015, Australian-headquartered QBE increased its stake in the firm from 26% to 49% for US$16 million and in a restructure last year placed India into its Australia Pacific operations.

Prior to joining QBE Raheja, Gupta was a general manager in corporate and broker relations at Bajaj Allianz for seven years and previously worked for CGU (now Aviva) in both London and Mumbai. He also worked in Hong Kong as a country manager with New India. He is a chartered insurer and a fellow at the Chartered Insurance Institute (UK) and the Insurance Institute of India.

QBE Raheja, which has strong relationships with brokers, has eight offices and 40 staff, and wants to increase its number of staff to 150 over the next few years as it moves into direct motor and health businesses.

InsuranceAsia News understands QBE Raheja has lined up an external replacement for Gupta’s managing director and chief executive role. The candidate is obtaining clearance from India’s regulator — the Insurance Regulatory and Development Authority.

Gupta has decided to take a break from the market and on his return will focus on his work in academia, including researching climate change, and will consider potential non-director executive roles.

A QBE spokesperson told InsuranceAsia News that Gupta had made a significant contribution to the joint venture since its inception more than 10 years ago and that they wished him well for the future.