On 23rd May 2012, IRDA published the updated list of non-life insurance companies in India. In addition to Religare Health Insurance which was given a go-ahead last month, IRDA list contained the names of two new companies – Magma HDI General Insurance and Liberty Videocon General Insurance.
Magma HDI General Insurance is a joint venture between Magma Fincorp Limited and HDI-Gerling International Holding AG, Germany. Magma Fincorp and HDI-Gerling entered the joint venture agreement on 28 July 2009 at Kolkata and decided to enter the general insurance sector in India. Mr. Swaraj Krishnan will head this joint venture between Magma and HDI.
Liberty Videocon General Insurance is a joint venture between Liberty Mutual Insurance of United States and Videocon Group of India. Mr. Roopam Asthana is CEO-Designate and Director at Liberty Videocon General Insurance Co. Ltd.
