Chennai: U.S.-based Liberty Mutual Insurance Group today announced the onboarding of Enam Securities and DP Jindal Group as the new Indian promoters in its insurance joint venture in place of its former promoter, Videocon Industries Limited. The new partnership will expand and fortify the company’s position as one of the fastest growing general insurance companies in India and its capability to deliver high quality products and services across general insurance category. The company has received the necessary regulatory approval for rebranding and will soon apply to change its name to Liberty General Insurance Limited with the Register of Companies.
Liberty Mutual Insurance Group, the foreign promoter headquartered in Boston, Massachusetts, maintains its shareholding in the joint venture. Liberty Mutual is committed to the Indian market and is committed to the India growth story. Enam Securities, a privately owned and managed firm that makes long-term investments as well as backs entrepreneurs building valuable private companies, and DP Jindal Group, a reputed industrial conglomerate will hold the balance shareholding in the company.
“We are delighted to welcome Enam Securities and DP Jindal Group to Liberty General Insurance,” said Roopam Asthana, CEO & Whole Time Director of the Liberty Mutual joint venture company in India. “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.”
Commenting on the partnership, Matt Nickerson, President and 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’s paid up capital stands at Rs 1084 crores which is one of the highest paid up capital for any general insurance company in India. On the growth front, the company has registered 38% y-o-y growth in the last quarter without any exposure to crop insurance, making it one of the fastest growing general insurance companies (excluding crop insurance) in India. With the new partners and commitment of all promoters, the company is committed to grow aggressively, sustainably and profitably.