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Press Coverage
Magma Fin CEO - Designate
The Financial Express, 26 January 2010, Kolkata
Magma Fincorp Ltd, India's leading retail finance company, has announced the appointment of Swaraj Krishnan as CEO-designate of its insurance joint venture, Magma HDI General Insurance Company Ltd. Krishnan will look into the implementation, growth and expansion of Magma HDI across the country and will be responsible for overseeing all business operations.
Magma HDI to focus on motor insurance
Financial Chronicle, 13 November 2009, New Delhi
Newly formed insurance joint venture Magma HDI General Insurance has decided to leverage the domain expertise of its promoter Magma Fincorp in the motor financing business to focus on the motor insurance space during the initial days of operations. Magma has a customer base of over 2,00,000. Magma HDI General Insurance is a JV between Magma Fincorp and its promoters Celica Developers and Germany's HDI Gerling. While domestic partners hold 37% each, HDI Gerling holds 26%. The company will have an initial paid up capital of Rs 110 crore. "We will avoid loss-making lines of business. Unhealthy pricing has led to huge underwriting losses for many general insurance companies. Motor insurance will be our focus area. We will target our existing client base to sell insurance products. We are expecting more than 50% of business from motor insurance," Magma Fincorp Vice Chairman and Managing Director Sanjay Chamria said. Apart from motor insurance, the company will also launch products for retail health insurance, home insurance and insurance solutions for its mall and medium enterprise clients.
Magma Insurance foray gets RBI nod
Hindustan Times, 24 October 2009, Kolkata
The city - based non banking financial corporation Magma Fincorp Ltd has got necessary approvals from the Reserve Bank of India for its proposed general insurance venture jointly with HDI-Gerling International Holding AG of Germany. Magma entered into a joint venture with the German company in July this year. The venture will have an initial investment of Rs 110 crore.
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