Liberty Mutual Insurance Group has increased its interest in its non-life insurance joint venture company Liberty Videocon General Insurance (Liberty Videocon) in India to 49 percent.
The move has been made possible due to changes in local regulations in India that now allow foreign companies to hold up to 49 percent of Indian insurers.
“With a large relatively young population, a growing economy and a low level of insurance penetration India remains an attractive market for future expansion and we remain committed to growing our business in India,” said David Long, chairman and chief executive officer of Liberty Mutual.
Liberty Videocon offers a range of insurance products and services to various distribution channels, with a specialty in personal insurance products such as motor, health, home and personal accident protection.