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Bajaj Allianz General Insurance Company Limited
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It is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. The
company registered on May 2, 2001 to conduct General Insurance business (including
Health Insurance business) in India. The company has an authorised and paid up capital
of Rs.110 Crores and has a network of 31 offices across the country.
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ICICI Lombard General Insurance Company Limited
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It is a joint venture between ICICI Bank Limited India’s second largest bank and
Lombard Canada Limited, one of the oldest property and casualty insurance companies
in Canada. ICICI Lombard offers a wide range of retail and corporate general insurance
customised products. The company has over 100 branches across the country.
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IFFCO-TOKIO General Insurance Company Limited
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It is a joint venture between IFFCO and The Tokio Marine and Fire Insurance Company
Limited, Japan Krishak Bharati Cooperative Limited (KRIBHCO), and Indian Potash
contributing 49 percent, 26 percent and 5 percent respectively to its Rs.100 Crores
capital. After getting the licence the company started operations and is a leading
private General Insurance Company in India in launching innovative insurance cover
for farmers called the “Sankat Haran Policy” It is operating from 20 cities in India.
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National Insurance Company Limited
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It was incorporated in 1906 to carry out general insurance business and nationalised
in 1972.In the same year, 22 foreign and 11 Indian Insurance Companies were amalgamated
with National Insurance Company Limited, as a subsidiary company of General Insurance
Corporation of India. In 2002, 25 with the passage of Insurance amendment Bill (2002),
National Insurance Company has been delinked from GIC and has been functioning as
an independent company. Apart from domestic insurance business the company also
undertakes reinsurance and foreign operations.
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New India Assurance Company Limited
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The New India Assurance Company was incorporated on July 23, 1919 and commenced
business from October 14, 1919. In 1972 the Government of India took over the management
of the company along with allsite other non-life insurers in the country. New India
Assurance was subsequently reconstituted taking over 23 companies. In2002, with
the passage of Insurance amendment Bill, New India Assurance Company Limited has
been delinked from GIC and has been functioning as an independent company.
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Oriental Insurance Company Limited
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The Oriental Insurance Company Limited is a public sector company and is one of
the four subsidiary companies of the General Insurance Corporation of India. In
1956, Oriental became a subsidiary of the Life Insurance Corporation of India. On
May 13, 1971 Government of India took over the management of all general insurance
companies in India and nationalised the Oriental Fire and General Insurance Company
under the General Insurance Corporation of India as one of the four subsidiaries.
In 2002, with the passage of Insurance amendment Bill, the Oriental Insurance Company
Limited has been delinked from GIC and has been functioning as an independent company.
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United India Insurance Company Limited
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United India Insurance is one of the four subsidiaries of the General Insurance
Company carrying on general insurance business in India. In 2002, with the passage
of Insurance amendment Bill (2002), United India Insurance has been delinked from
GIC and has been functioning as an independent company.
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Tata AIG General Insurance Company Limited
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Tata AIG General Insurance Company Ltd. And Tata AIG Life Insurance Company Ltd.
(collectively “Tata AIG”) are joint venture companies between the Tata group and
American International Group Inc. (AIG), the leading U.S. based international insurance
and financial services organisation. It has a capital of Rs.125 Crores out of which
74 percent has been brought in by Tata Sons and the remaining 26 percent by American
partner. Tata AIG General Insurance Company Limited claims to be the first Indian
insurance company to offer a comprehensive policy to cover various risks in the
IT sector.
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Royal Sundaram General Insurance Company Limited
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The joint venture between Royal and Sun Alliance Insurance and Sundaram Finance
Limited started its operation from March 2001. Royal and Sun Alliance is one of
the world’s leading international insurance companies. The Sun was established in
1710 and is the oldest insurance company in existence still trading under its original
name. The Alliance was founded in 1824 and the Royal in 1845.
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Cholamandalam General Insurance Company Limited
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It is promoted by Chennai based Murugappa Group. The company is founded with Rs.105
Crores out of which 75 percent is being held by Tube Investment, a Murugappa group
company. While Cholamandalam Investment and Finance Company Limited holds 15 percent
stake and the rest is by other privately held Murugappa companies with 5 percent
stake each.
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Reliance General Insurance Company Limited
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Reliance group has announced its plans to enter the Indian insurance sector – both
in the life and general insurance businesses. Reliance Industries plans to bring
in around Rs.300 Crores into its insurance venture through its financial arm Reliance
Capital Limited. The two companies will have an initial authorised capital of Rs.200
Crores each. This is the first Indian company without a foreign tie-up.
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HDFC ERGO General Insurance Limited
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HDFC, India’s premier financial services company and ERGO Corporation, leading global
non-life insurer, entered into a joint venture agreement for non-life insurance
in 2002. HDFC holds 74 percent and ERGO 26 percent in the joint venture company,
HDFC ERGO General Insurance Limited with initial capital of Rs.100 Crores.
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