MS First Capital announces the appointment of new CEO Vikas Shukla

Vikas to focus on strategic initiatives for enhancing synergies and growth opportunities within MSIG Asia network

21 June 2024


MS First Capital Insurance Limited (“MSFC”) today announces the appointment of Vikas Shukla as its new Chief Executive Officer, subject to approval from the Monetary Authority of Singapore. Vikas succeeds the late Ramaswamy Athappan, who passed away in May 2024.

Mr. Athappan has left behind a remarkable legacy at MSFC, having led the company to unprecedented heights, including surpassing SGD 1 billion in gross written premium, doubling the size of the company in short period of five years under his stewardship.

Vikas, currently serving as the Chief Risk Officer at MSFC, brings a wealth of experience and a deep understanding of the company's operations. With over 30 years in the non-life insurance industry across diverse Asian markets, including several years in senior management positions, he has effectively managed key stakeholder relationships, including boards of directors, broker and regulators. His expertise spans both commercial and retail lines of business across various distribution channels.

In his new role, Vikas is committed to upholding the pursuit of technical excellence which defined Mr. Athappan’s work ethos. He will collaborate closely with the company's senior leadership to ensure continuity and bolster MSFC's standing in Singapore’s insurance industry. Additionally, he aims to enhance synergies and growth opportunities across Asia region.

MSFC, a key part of the MSIG Asia network and owned by Mitsui Sumitomo Insurance Co., Ltd. (“MSI”), has long been Singapore's premier non-life insurance company. It is renowned as the preferred capacity and insurance solution provider for complex corporate risks across Asia. With a history spanning over 70 years, the company offers a comprehensive suite of non-life insurance products, specialising in underwriting large and complex risks.

"We are confident that Vikas’ strategic vision and proven leadership will steer MS First Capital towards continued growth and success," said Clemens Philippi, Chief Executive Officer of MSIG Asia Pte Ltd. "His appointment marks a new chapter in our journey as a Group for this region, and we look forward to achieving greater milestones together."

Vikas’ appointment reaffirms MSFC’s commitment to excellence and the Group’s ongoing dedication to serving its valued business partners and customers in the Asia region.

About MS First Capital
MSFC has been a significant player in Singapore's insurance industry for over 70 years. The company sits within the MSIG Asia network and offers a diverse suite of non-life insurance products spanning personal and commercial lines, specialising in underwriting large and complex risks. MSFC has earned an 'A (Excellent)' financial strength rating from A.M. Best Company, reflecting its stability and reliability.