IRDA has issued R3 licente to Magma HDI General Insurance and Liberty Videocon General Insurance.
Magma HDI General Insurance is a joint venture betweenÂ Magma Fincorp Limited andÂ HDI-Gerling International Holding AG, Germany. Magma Fincorp and HDI-Gerling entered the joint venture agreement on 28 July 2009 at Kolkata and decided to enter the general insurance sector in India. Mr. Swaraj Krishnan will head this joint venture between Magma and HDI.Â
Liberty Videocon General Insurance is a joint venture betweenÂ Liberty Mutual Insurance of United States and Videocon Group of India. Mr. Roopam Asthana is CEO-Designate and Director at Liberty Videocon General Insurance Co. Ltd.