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.
MAM
Ameya Velankar steps down as Uber’s head of marketing for India & South Asia
Veteran marketer exits after more than seven years with the ride-hailing giant.
MUMBAI: After more than seven years of steering Uber through the bumpy roads of India’s mobility market, Ameya Velankar has decided to change lanes. Ameya Velankar has stepped down as Head of Marketing for India and South Asia, marking the end of a significant chapter at the ride-hailing company. He had been with Uber since 2019, taking on multiple roles in product and category marketing before rising to lead the marketing function for the region in 2021.
During his tenure, Velankar played a key role in strengthening Uber’s positioning in one of its most competitive and dynamic markets. He helped drive localised marketing strategies and scale adoption across key offerings such as Auto, Moto, Rentals and Intercity, tailoring global platforms to Indian consumer needs.
Prior to joining Uber, Velankar built his marketing expertise at leading consumer companies including SC Johnson and Marico, where he handled category and product leadership roles. His career began at RPG Enterprises.
Details of his next professional move have not been disclosed.
In a fast-evolving mobility landscape where brands constantly battle for attention, Ameya Velankar helped Uber stay relevant and resonant with millions of Indian users. As he moves on from the driver’s seat of marketing, the company will now look for fresh ideas to keep its wheels turning smoothly.
