Liberty stake at 49%
Liberty Mutual Insurance Group has raised its stake to 49 per cent in a non-life insurance joint venture company Liberty Videocon General Insurance Co Ltd as per the government regulation.
The transaction was done on August 5, 2016 under regulation that allows foreign participation in insurance companies up to 49 per cent.
“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,” he said.
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. fii-news.com
