Liberty Mutual Insurance Group announced that Liberty Videocon General Insurance Company Ltd, a joint venture between Liberty Mutual Insurance Group and Videocon Industries Ltd., has received the necessary license from India’s insurance regulatory authority to commence its operations.
The operation is headquartered in Mumbai, and “will provide multi-line insurance underwriting capabilities nationally to various distribution channels, with an emphasis on personal insurance products,” said the announcement.
Liberty Mutual’s President and CEO David Long noted: “India’s rapidly growing economy and personal income levels mean more and more Indians will be buying insurance to protect their property and possessions. We have an exceptional partner and a very professional management team in place. We believe the combination will enable us to provide high-quality products and service in the growing Indian insurance marketplace.”
The bulletin described Videocon Industries Ltd. as the “flagship company of $4.75 billion Videocon Group, with diversified interests in consumer electronics, household appliances, oil and gas, power generation, retail, DTH and telecom businesses. The parties entered in to the joint venture agreement in December 2010.”
Commenting on the development, Mr. Venugopal N. Dhoot, CMD, Videocon Industries stated: “Videocon Group has a strong presence in the Indian consumer space ranging from white and brown goods to mobile telecom services covering the entire geography of India. Domain expertise of Liberty Mutual Insurance Group coupled with our huge platform of brand, trade and customer relationships should provide a robust business model for Liberty Videocon General Insurance’s business.”
Source: Liberty Mutual Insurance Group