Liberty Mutual Insurance has grown its insurance joint venture in India with Eman Securities and DP Jindal Group as new joint venture partners for its India promotion, set to replace Videocon Industries.
The new partnership aims to expand and fortify the company’s position as one of the fastest growing general insurance companies in India.
Enam Securities is a privately owned and managed firm that makes long-term investments as well as backs entrepreneurs building valuable private companies.
DP Jindal Group is a reputed industrial conglomerate, both will hold the balance shareholding in the company.
Liberty Mutual Insurance Group, the foreign promoter headquartered in Boston, Massachusetts, will maintain its shareholding in the joint venture.
Roopam Asthana, Chief Executive Officer (CEO) & Whole Time Director of the Liberty Mutual joint venture company in India, said: “We are delighted to welcome Enam Securities and DP Jindal Group to Liberty General Insurance. This joint venture brings together three promoter organizations whose values are based on a client-first approach to business.
“In this time of change in the marketplace, it also reiterates our commitment to bring new and fresh experiences to our customers. With a strong capital base and strategic alignment amongst promoters in a fast growing general insurance environment, we are advantageously positioned to fulfil the insurance needs of Indian consumers.”
The company has received regulatory approval for rebranding and will soon apply to change its name to Liberty General Insurance Limited with the Register of Companies.
Commenting on the partnership, Matt Nickerson, President and Chief Operating Officer (COO), East Region, Liberty Mutual, said: “Liberty Mutual is committed to growing its insurance joint venture in India to better serve the evolving insurance needs of the consumer and commercial customer, and we believe that with the support of these two financially strong local promoters we will be able to even more rapidly build best in class capabilities to serve our customers and distribution partners in India.”
The company has registered 38% year-on-year growth in the last quarter without any exposure to crop insurance, and hopes for further rapid growth under the new partnership.
