Royal Sundaram Alliance Insurance Company Ltd, a 74:26 joint venture between Sundaram Finance and RSA Insurance plc (UK), today announced infusion of Rs 65 crore of additional capital (including premium). This infusion will take the total paid-up capital and premium to Rs 275 crore and would be completed by the end of the current financial year.
RSAIC managing director Ajay Bimbhet said that the company has set a growth target of 25 per cent and will be closing the financial year with a gross written premium (GWP) of more than Rs 1,000 crore.
“This injection of capital will support our plans of continued growth and expansion. Going forward, Royal Sundaram plans to continue keeping its focus on retail business”, he siad.
The company's GWP for 2009-10 was Rs 915.56 crore. It has 84 branches and plans to add three more by the end of this fiscal. Royal Sundaram is the first private non-life insurance company licensed to operate in India.