Dabur Group in general insurance JV with Liberty Mutual Group

MUMBAI: The Burman family, promoters of the Dabur Group and Boston-based Liberty Mutual Group on Monday announced that they would form a non-life insurance company in the country to provide personal and commercial insurance products through a range of distribution channels such as agents and banks.

Liberty Mutual, through one of its fully-owned subsidiaries, will initially hold a 26 per cent stake in the new company, while Dabur Group firm, Dabur GI Invest Corp, will hold the remaining 74 per cent, the company said in a statement here.

Liberty Mutual will begin the licensing application process for the new company before the end of the second quarter this year. Upon approval by Indian regulators, the new entity will operate under the name Dabur Liberty General Insurance Company.

The new company will focus on offering insurance for cars, homes, personal accident and small and medium size commercial enterprises.

"India's rapidly expanding middle-class illustrated by GDP per capita growth of more than 50 per cent over the past 10 years means that ever more Indians will be buying insurance to protect their property and possessions," Liberty Mutual Groups Chairman, President and Chief Executive Officer, Edmund F Kelly, said.