Effective August 5, 2016 Liberty Mutual Insurance Group has completed a transaction to increase its overall interest in its non-life insurance joint venture company Liberty Videocon General Insurance Co. Ltd. (Liberty Videocon) to 49 percent consequent to changes in local regulations in India that now permit foreign companies to hold up to 49 percent of Indian insurance companies.
“With a large relatively young population, a growing economy and a low level of insurance penetration India remains an attractive market for future expansion and we remain committed to growing our business in India,” said David H. Long, Liberty Mutual Insurance Chairman and Chief Executive Officer. “We will work with our joint venture partner, Videocon Industries Ltd., to enhance our distribution, analytical and technology capabilities while focusing on providing a superior customer experience to our distribution partners as well as ultimate consumers.”
Liberty Videocon provides multi-line insurance products and services to various distribution channels, with an emphasis on personal insurance products such as Motor, Health, Home and Personal Accident protection. Since it commenced operations in 2013, the joint venture has grown to employ nearly 800 employees operating in over 50 offices across India.
About Liberty Mutual Insurance
Liberty Mutual Insurance helps people preserve and protect what they earn, build, own and cherish. Keeping this promise means we are there when our policyholders throughout the world need us most.
In business since 1912, and headquartered in Boston, Mass., today Liberty Mutual is a diversified insurer with operations in 30 countries and economies around the world. The company is the fifth largest property and casualty insurer in the U.S. based on 2015 direct written premium data as reported by the National Association of Insurance Commissioners. Liberty Mutual is ranked 73rd on the Fortune 100 list of largest corporations in the U.S. based on 2015 revenue. As of December 31, 2015, the company had $121.7 billion in consolidated assets, $102.5 billion in consolidated liabilities, and $37.6 billion in annual consolidated revenue.
Liberty employs more than 50,000 people in over 800 offices throughout the world, and we offer a wide range of insurance products and services, including personal automobile, homeowners, accident & health, commercial automobile, general liability, property, surety, workers compensation, group disability, group life, specialty lines, reinsurance, individual life and annuity products.
You can learn more by visiting www.libertymutualinsurance.com.
