New Delhi, Jun 2 (UNI) Burman family promoted Dabur Group today said it plans to form a non-life insurance company in joint venture with Liberty Mutual Group.
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, a company statement said.
The JV will provide personal and commercial insurance products through a range of distribution channels such as agents and banks.
''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,'' said Liberty Mutual Group Chairman, President and CEO Edmund F Kelly.
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 and 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.
UNI SR MP RN1710