Cholamandalam MS General Insurance Company Ltd, a joint venture between the Murugappa group and Mitsui Sumitomo Insurance Group Japan, has enhanced its capital base by Rs 50.05 crore through a rights issue for growth and expansion plans.
The networth of the company which was Rs 257 crore in March 2011 has now increased by Rs 50 crore through this infusion by its promoters.
S S Gopalarathnam, managing director, Chola MS, said, “This additional capital infused in our business will be utilised for our business growth and expansion. We are well on our way to achieve our business plan of Rs 1,200 crore for the current year."
Chola MS has achieved a gross written premium (GWP) of Rs 546 crore during the April-August 2011 period thereby registering a growth 36.9 per cent over the same period last year.
Meanwhile, the company has launched a new critical illness policy, Chola Critical Healthline, which will provide a lumpsum amount on being diagonsed with any of the named critical illnesses.
