Magma Fin to foray into non-life insurance biz

Magma Fincorp, a Kolkata-based non-banking financial company, is foraying into the non-life insurance business in a joint venture with Germany s HDI-Gerling International Holding AG. 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. Normally it takes at least six months to get necessary approvals and licence. We will ...

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