Chubb In India Venture

NU Online News Service, Oct. 21, 11:31 a.m. EST?Chubb Corp., the property-casualty group based in Warren, N.J., launched a joint auto insurance venture in India last week.

Chubb teamed up with HDFC financial services in Mumbai, India to create HDFC Chubb General Insurance Company Ltd.

The Indian joint venture commenced with the simultaneous opening of offices in New Delhi, Bangalore and Hyderabad. Chubb said HDFC holds a 74 percent interest in the joint venture, while The Chubb Corp. ownership, through its subsidiary--Chubb Global Financial Services Corp.--holds 26 percent, which is the maximum allowed under Indian law.

The company said that among those presiding at the opening ceremonies, held in HDFC's Mumbai headquarters, were HDFC Chubb Chairman Deepak Parekh and Chubb Chairman and Chief Executive Officer Dean R. O'Hare, accompanied by Robert Blackwill, the U.S. ambassador to India.

HDFC Chubb also announced that it would begin to offer vehicle insurance policies. Under Indian law, all private-passenger cars, motorcycles, scooters and commercial vehicles must be insured.

Initially, HDFC Chubb will offer insurance to owners of private-passenger cars and two-wheel vehicles. The product will be available through a network of auto dealers, HDFC offices and agents.

In the future, HDFC Chubb said it plans to introduce several other insurance products, including home, accident and health, and commercial coverages.

Mr. Parekh said the new company is the culmination of HDFC's "journey toward becoming a holistic financial services company. HDFC is delighted to have The Chubb Corp. as its partner in this joint venture."

He added that "the collaboration is between two like-minded companies. We share the same values and are known in our respective markets for the service we deliver to our customers."

Mr. Parekh also said that HDFC Chubb General Insurance Company Ltd. incorporated the strengths of the two parent firms "to provide innovative solutions to all its customers. Chubb brings its vast experience and knowledge of the general insurance industry, while HDFC, with its brand and distribution, will provide strength to HDFC Chubb's distribution."

Mr. O'Hare said "Chubb has been involved in India for more than eight years, offering our global-based knowledge and expertise to help India develop a world-class insurance market. We now look forward to working directly with HDFC in this ground-breaking endeavor."

He said the two companies share values and are "committed to meeting customers' needs, offering the best products and services in the market, and helping to improve the quality of life of those we serve."

HDFC said it has provided home loans to over 1.9 million families using a distribution network of more than 125 offices.

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Chubb In India Venture

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