British insurer Eagle Star, a subsidiary of BAT, is scouting for an Indian partner at a time when India is contemplating to privatise the insurance sector. We are developing a marketing plan and are seeking an Indian joint venture partner. As liberalisation of the Indian insurance market approaches, Eagle Star is certain that a long-term commitment to India is vital, said Sandy Leitch, chairman, Eagle Star.
The company has committed more than Rs 400 crore to India for providing a range of insurance, pensions and investment products.
As a first step, Eagle Star has set up a representative office in the capital to service its existing base of returning non-resident Indians.
Eagle Star proposes to build a national network and will invest in both life and general insurance businesses as soon as regulations permit, Leitch said.
The insurance company, with a premium income exceeding Rs 50,000
crore, now aims at India and China after establishing its operations in Taiwan and Argentina in 1995.
Eagle Star's connections with India began in 1894 when it commenced writing insurance business from its office in Calcutta in 1972.
Owing to nationalisation of the insurance industry, it was compelled to cease its Indian operations. Eagle Star has branches in several countries with funds management exceeding Rs 230,000 crore.
