Dabur joins hands with Liberty for non-life insurance
June, 03rd 2008
New players are filing up to enter the non-life insurance sector. After the SBI-IAG combine was announced last month, the Burman family, promoters of the Dabur Group, announced they will enter the sector in partnership with Liberty Mutual Group.
Dabur will hold 74% in the firm through Dabur GI Invest Corp, while Liberty Mutual will hold 26% through a subsidiary.
Indias rapidly expanding middle class, illustrated by GDP per capita growth of more than 50% over the past 10 years means that ever more Indians will be buying insurance to protect their property and possessions, Edmund F Kelly, Libertys chairman, president and CEO said in a release.
Liberty Mutual will begin the licensing application process for the new company before the end of September.
Upon approval by the Insurance Regulatory & Development Authority (Irda) the new entity will operate under the name Dabur Liberty General Insurance Company.
The Dabur Group has a deep understanding of the Indian market this, combined with Liberty Mutuals vast expertise in the insurance domain will help us become one of Indias leading non-life insurers in days to come, Daburs V C Burman said.
Liberty Mutual Groups International business, which has a presence in 24 countries, reported 2007 revenue of approximately $6.1 billion. Overall, the Liberty Mutual Group reported annual consolidated revenue of $25.9 billion for 2007.