Mumbai, Feb 25: <\/p>\n
Liberty Videocon General Insurance, the newest entrant in the general insurance space, is targeting a premium collection of Rs 120 crore by December 2013. <\/p>\n
The company is the 27{+t}{+h} insurer in the Indian general insurance space. It received licence from the Insurance Regulatory Development Authority (IRDA) in May 2012. <\/p>\n
Liberty Videocon has received the regulators approval to launch products in the fire, engineering, and motor insurance space. <\/p>\n
The company is awaiting the regulators approval for launching personal accident cover and a health insurance product. <\/p>\n
Liberty Videocon will focus on a balanced mix of commercial and retail products. To ensure efficient distribution of products, the company will create a wide network of corporate agents and also leverage bancassurance opportunities, said Roopam Asthana, CEO, Liberty Videocon. <\/p>\n
We will begin our operations in seven cities initially and scale it up going ahead, said Asthana. <\/p>\n
The insurer commenced business with an initial capital of Rs 350 crore and aims to breakeven in 5-6 years. <\/p>\n
The company has a team of 150 professionals and is looking to hire 320 professionals and 1,000 agents by the end of the year. It plans to have a network of 25 branches by next year. <\/p>\n
Liberty Videocon is a joint venture between Videocon Industries (74 per cent stake) and US-based Liberty City state Holdings PTE Ltd (26 per cent stake). <\/p>\n
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Liberty Videocon Gen Insurance eyes Rs 120-cr premium mop-up<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Mumbai, Feb 25: Liberty Videocon General Insurance, the newest entrant in the general insurance space, is targeting a premium collection of Rs 120 crore by December 2013. Continue reading