Liberty Mutual Insurance Group is increasing its overall interest in its non-life insurance joint venture company, Liberty Videocon General Insurance Co. Ltd., from 26 percent to 49 percent.
The increase was enabled as a result of changes in local regulations in India that now permit foreign companies to maintain up to 49 percent of Indian insurance companies, Liberty Mutual Insurance said in a statement.
“With a large relatively young population, a growing economy and a low level of insurance penetration, India remains an attractive market for future expansion and we remain committed to growing our business in India,” said David H. Long, Liberty Mutual Insurance chairman and chief executive officer.
“We will work with our joint venture partner, Videocon Industries Ltd., to enhance our distribution, analytical and technology capabilities while focusing on providing a superior customer experience to our distribution partners as well as ultimate consumers,” Long added.
Liberty Videocon provides multi-line insurance products and services to various distribution channels, with an emphasis on personal insurance products such as motor, health, home and personal accident protection. Since it commenced operations in 2013, the joint venture has grown to employ nearly 800 employees operating in over 50 offices across India.
Source: Liberty Mutual Insurance
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