MAM
Max New York Life to rebrand as Max Life
MUMBAI: Japan‘s Mitsui Sumitomo Insurance has acquired New York Life Insurance‘s stake in Max New York Life. Following this, the insurance company will be renamed as Max Life Insurance, subject to regulatory approval.
Max New York Life Insurance has announced the completion of 26 per cent of its stake transfer to Mitsui Sumitomo Insurance. The transfer was made after obtaining the requisite approvals from Insurance Regulatory and Development Authority (IRDA), the Reserve Bank of India and Competition Commission of India earlier this month. Post transaction, Max India‘s majority stake of 70 per cent remains unchanged.
The company has also appointed Toshinara Tokoi and Hideaki Nomura into the Max Life Insurance board of directors as representatives of Mitsui Sumitomo Insurance.
According to the official communiqué, the stake transfer successfully culminates the all cash transaction announced in May 2012, which resulted in MS&AD (Mitsui Sumitomo Insurance‘s holding company) of paying $535 million for 26 per cent stake in Max New York Life. The transaction values Max Life at $2.1 billion.
Max India chairman Analjit Singh said, “For the next stage of Max Life Insurances growth and development, we view Mitsui Sumitomo as an ideal partner. I am confident that the rich experience, financial strength and risk management expertise of Mitsui Sumitomo Insurance, coupled with our inherent strengths of people and processes we have an even brighter growth journey in years to come.”
Max India MD Rahul Khosla added, “Life insurance is the most profitable business in Max India‘s portfolio and forms about 80 per cent of group revenue. We are committed to this business and will continue to nurture it.”
Tokoi comes in with over 30 years of experience in insurance industry which encompasses expertise in the fields of planning, sales production, underwriting of marine insurance as well as governance and administration of international business operations.
Nomura has 26 years of experience in financial industries, including insurance, banking and investment banking. He has been instrumental in establishing Mitsui Sumitomo‘s presence in the Asian local insurance businesses, the company said.
Brands
Faber-Castell India appoints Sunaina Haldar as director – marketing
With stints at Tata, SleepyCat and ADF Foods under her belt, Haldar is primed to redraw Faber-Castell’s brand story
MUMBAI: Faber-Castell India has poached Sunaina Haldar from ADF Foods, appointing her director – marketing as the German stationery brand looks to muscle up in a category that is rapidly reinventing itself around creativity and self-expression.
Haldar hit the ground running. “My first couple of weeks have been incredibly energising, understanding consumers, visiting markets, engaging with retailers and immersing myself into the world of Faber-Castell Group,” she said.
She arrives with considerable firepower. At ADF Foods, Haldar ran marketing across India and international markets for a portfolio spanning Ashoka, Aeroplane, Camel and ADF Soul. Before that, she was vice-president – marketing at direct-to-consumer mattress brand SleepyCat, where she helmed brand, content and performance marketing. Her résumé also includes a stint leading marketing, new product development and CRM for Tata SmartFoodz at Tata Consumer Products, no small proving ground.
Between corporate roles, Haldar also operated as a fractional CMO for early-stage startups, building marketing strategy and operational structures from scratch, a signal that she knows how to move fast with limited resources.
With 18 years straddling FMCG, D2C and the startup world, Haldar now takes the reins at a brand that has long owned the classroom but is clearly hungry for the living room. In a stationery market where the pencil has become a lifestyle statement, Faber-Castell has picked someone who knows exactly how to sell that story.
