Liberty Videocon General Insurance receives nod to operate in insurance market
Liberty Mutual Insurance Group, one of the largest property and casualty insurers in the world, today announced that Liberty Videocon General Insurance Company Ltd, a joint venture between Liberty Mutual Insurance Group and Videocon Industries Ltd. has received the necessary license from India’s insurance regulatory authority to commence its operations.
Headquartered in Mumbai, Liberty Videocon General Insurance will provide multi-line insurance underwriting capabilities nationally to various distribution channels, with an emphasis on personal insurance products.
“India’s rapidly growing economy and personal income levels mean more and more Indians will be buying insurance to protect their property and possessions,” said David Long, Liberty Mutual’s President and CEO. “We have an exceptional partner and a very professional management team in place. We believe the combination will enable us to provide high-quality products and service in the growing Indian insurance marketplace.”
Videocon Industries Ltd. is the flagship company of $4.75 billion Videocon Group, with diversified interests in consumer electronics, household appliances, oil and gas, power generation, retail, DTH and telecom businesses. The parties entered in to the joint venture agreement in December 2010.
Commenting on the development, Mr. Venugopal N. Dhoot, CMD, Videocon Industries said, “Videocon Group has a strong presence in the Indian consumer space ranging from white and brown goods to mobile telecom services covering the entire geography of India. Domain expertise of Liberty Mutual Insurance Group coupled with our huge platform of brand, trade and customer relationships should provide a robust business model for Liberty Videocon General Insurance’s business.”
Liberty Mutual Insurance Group reported net written premium as of December 31, 2011 of $31.2 billion, of which $8.2 billion, or 26 percent, came from its International operations.
Liberty Videocon General Insurance joins Liberty Mutual’s International local business operations that sell to individuals and businesses in three geographic regions: Europe, including Spain, Portugal, Turkey, Poland, Ireland and Russia; Latin America, including Venezuela, Brazil, Colombia, Argentina and Chile; and, Asia, including Thailand, Singapore, China (including Hong Kong) , Vietnam and now India. Private passenger automobile insurance is the single largest line of business for Liberty Mutual’s International country operations
About Liberty Mutual Insurance
“Helping people live safer, more secure lives” since 1912, Boston-based Liberty Mutual Insurance is a diversified global insurer and the third largest property and casualty insurer in the U.S. based on 2011 direct premiums written as reported by the National Association of Insurance Commissioners.
Liberty Mutual Insurance also ranks 84th on the Fortune 100 list of largest corporations in the U.S. based on 2011 revenue. As of December 31, 2011, Liberty Mutual Insurance had $117.1 billion in consolidated assets, $99.3 billion in consolidated liabilities, and $34.7 billion in annual consolidated revenue.
Liberty Mutual Insurance offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, property, commercial automobile, general liability, global specialty, group disability, reinsurance and surety. Liberty Mutual Insurance (www.libertymutualinsurance.com ) employs over 45,000 people in more than 900 offices throughout the world.
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