BOSTON, June 26 -- Liberty Mutual Group issued the following news release:
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 billionVideocon 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
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