Dabur and Liberty Mutual venture into non-lifeDabur and Liberty Mutual come together to form a non-life insurance firm. Their focus will be on selling personal insurance products such as car, home and personal accident insurance.
Apnainsurance.com Research Bureau
02 Jun 2008
Dabur Group and the US-based Liberty Mutual Group join hands to form a non-life insurance company in India and plan on providing personal and commercial insurance product, they also will approach agents and banks for distribution of these products. Liberty Mutual will hold 26 per cent of the stake in the new company initially and Dabur firm, Dabur GI Invest Corp will hold the remaining 74 percent of the stake.
Dabur Mutual plans on applying for the licensing process by the end of the second quarter this year once they get sanction from the regulators they will function under the name 'Dabur Liberty General Insurance Company.' They will focus more on the sale of personal insurance products such as car, home, and personal accidents plans.
Liberty Mutual Group is the sixth largest property and casualty insurer in the US and has presence in 24 countries, with Dabur group holding its presence in life insurance sector already into venture with Aviva group wherein they hold 74 per cent of the stake.