Liberty Mutual will begin the licensing application process for the new company before the end of the second quarter this year. Upon approval by Indian regulators, the new entity will operate under the name Dabur Liberty General Insurance Company. The company will provide multi-line insurance underwriting capabilities to various distribution channels, with an emphasis on personal insurance products such as car, home and personal accident protection.
"Entering India's insurance marketplace at this exciting time offers tremendous growth opportunity for our international operations while reinforcing our position among the leading global insurance companies." said Edmund F Kelly, Liberty Mutual Group's chairman, president and chief executive officer.
The Liberty Mutual Group reported an annual consolidated revenue of $25.9 billion for 2007, with its international business contributing approximately $6.1 billion in 2007.
"The Dabur Group has a deep understanding of the Indian market, based on domain knowledge acquired over several years. This, combined with Liberty Mutual's vast expertise in the insurance domain will help us become one of India's leading non-life insurers in days to come," said V C Burman, chairman, Dabur India.
