Magma Fincorp forays into insurance business

Magma Fincorp is foraying into insurance business. The company has just inked an agreement with German insurance major HDI-Gerling International Holding AG to enter the general insurance sector in India. The new JV plans to seek the necessary Insurance Regulatory & Development Authority (IRDA) and the Reserve Bank of India (RBI) approvals soon.

Incidentally, HDI-Gerling International is part of the Talanx-Group ��� the third biggest primary insurance group in Germany with a product range extending across automotive insurance for private individuals, property and casualty segments and complex risks in industrial business.

The new joint venture, Magma HDI General Insurance Company will have an initial paid up equity capital of Rs 110 crore.