Chennai: MR Antony Jacob, 43, Deputy Managing Director, Royal Sundaram Alliance Insurance Company, has been elevated as Managing Director with effect from April 1, 2004.
He will be taking over from Mr Micky Brigg, who will now be Royal & Sun Alliance's Director for South Asia and continue on the board of Royal Sundaram.
Mr Antony is a chartered accountant who joined Royal & Sun Alliance in 1996 after stints in ITC and Continental Grain (India) Ltd. Mr Antony said that his immediate priority would be to "consolidate our position and increase the retail business to around Rs 20 crore per month from around Rs 12 crore."
Royal Sundaram, now in its third year of operations, has achieved a premium income of Rs 189 crore for the nine months ended December 2003. It expects to close the financial year with a premium income of about Rs 270 crore and profits of Rs 7 crore, Mr Antony said.