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Magma HDI General Insurance kick-starts operation

Posted on Oct 11, 11:40PM | IANS

Magma HDI General Insurance Company (MHDI), a joint venture between non-banking finance company Magma Fincorp and German insurer HDI Gerling launched its operations Thursday.

MHDI chairman Sanjay Chamria said the new company would leverage the strengths of the joint-venture partners to offer customised services to its customers in India.

Over 80 percent of Magma's 240 branches are currently located in the semi-urban and rural areas.

MHDI would focus on servicing the needs of the customers located in such markets, Chamria said.

Jens Wohlthat, director of HDI-Gerling and vice chairman of MHDI, said through MHDI, HDI-Gerling would introduce its unique product design and cost efficient operational management skills apart from offering a reinsurance platform which would help manage insurance risks appropriately.

The launch of the general insurance business would enable Magma to offer an end-to-end solution to its customers by financing the purchase of cars, tractors, commercial vehicles and construction equipment as well as providing insurance to the asset purchased, according to a release here.