Magma HDI General Insurance kick-starts operation

Top Stories

»	Stage set for FM Sitharaman to present Budget 2025-26
»	Cabinet nod for buying Rs 10,200 cr India-made ammunition for Pinaka rocket launchers
»	Digital payments record double-digit jump year-on-year: RBI
»	Centre approves scheme to boost MSME manufacturing sector
»	Indian stock market opens flat as US Fed pauses rate cut cycle

SME Times News Bureau | 12 Oct, 2012
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 in Kolkata.