ERGO International will acquire a 26% share in HDFC General Insurance, according to the general insurance joint venture formed by Indian housing finance company HDFC and Germany's Ergo.
The new joint-venture company will be named HDFC Ergo General Insurance and will be headquartered in Mumbai, India. The new partnership will enable HDFC to grow their existing general insurance operations and further leverage their brand and distribution strength. Entering the joint venture with HDFC underlines the Ergo Insurance Group’s international expansion strategy and offers a direct entry into the Indian general insurance market.
Deepak Parekh, chairman of the board of HDFC, said: I am convinced that Ergo will bring the vast insurance expertise, top-quality technical and operational know-how that made the Ergo Insurance Group a leading player in Germany and throughout Europe to the joint-venture company.