Magma Fincorp Jv With Hdi-Gerling Germany To Enter General Insurance Including Health

An application will be submitted to IRDA for approval to Magma HDI General Insurance Co Ltd for setting up a general insurance company which will handle health insurance also.Magma Fincorp, a Kolkata-based non-banking financial company, is the Indian partner while Germany’s HDI-Gerling International Holding AG.will be the foreign partner.

We welcome this.This company will be the second insurance company from Eastern India. The new company, Magma HDI General Insurance Co Ltd, will apply to the Insurance Regulatory and Development Authority for obtaining licences soon.

After it comes up with a bouquet of non-life insurance products, it plans to enter into medical insurance.

The new company, where the German partner has a 26% stake, will have a total initial capital of Rs 110 crore.

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