Dabur group in non-life JV with Liberty Mutual
The Dabur group and the Boston-based Liberty Mutual group announced today that they plan to form a non-life insurance company in India to provide personal and commercial insurance products through a range of distribution channels such as agents an...
By ET Online |
NEW DELHI: The Dabur group and the Boston-based Liberty Mutual group announced today that they plan to form a non-life insurance company in India 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 the Dabur group firm Dabur GI Invest Corp will hold the remaining 74 per cent.
Liberty Mutual is a diversified global insurer and sixth largest property and casualty insurer in the US.
���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,��� said Edmund F. Kelly, Liberty Mutual group���s chairman, president and chief executive officer. ���Entering India���s insurance marketplace at this exciting time offers tremendous growth opportunity for our international operations while reinforcing our position among the leading global insurance companies,��� he added.
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 company will provide multi-line insurance underwriting capabilities to various distribution channels, with an emphasis on personal insurance products such as car, home and personal accident protection.
���This venture marks the coming together of two reputed groups ��� Dabur group and Liberty Mutual. The Dabur Group has a deep understanding of the Indian market, based on domain knowledge acquired over several years. This, combined with Liberty Mutual's vast expertise in the insurance domain will help us become one of India's leading non-life insurers in days to come,��� said V C Burman of the Dabur group.
Liberty Mutual is a diversified global insurer and sixth largest property and casualty insurer in the US.
���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,��� said Edmund F. Kelly, Liberty Mutual group���s chairman, president and chief executive officer. ���Entering India���s insurance marketplace at this exciting time offers tremendous growth opportunity for our international operations while reinforcing our position among the leading global insurance companies,��� he added.
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 company will provide multi-line insurance underwriting capabilities to various distribution channels, with an emphasis on personal insurance products such as car, home and personal accident protection.
���This venture marks the coming together of two reputed groups ��� Dabur group and Liberty Mutual. The Dabur Group has a deep understanding of the Indian market, based on domain knowledge acquired over several years. This, combined with Liberty Mutual's vast expertise in the insurance domain will help us become one of India's leading non-life insurers in days to come,��� said V C Burman of the Dabur group.
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