AIG General Insurance Joint Venture in India Receives License.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 23, 2001 American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. , Inc. (AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group ) has announced that its joint venture general insurance company in India, Tata AIG General Insurance Co. Ltd. (Tata AIG General), has received a license from the Indian Insurance Regulatory and Development Authority The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India, based in Hyderabad. It was formed by an act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements. to market commercial and personal lines property-casualty insurance in India  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. . The company will be headquartered in Mumbai, with branch operations planned in Delhi, Chennai, Hyderabad, Bangalore and Calcutta by the end of the first quarter. Dalip Verma has been named Managing Director of Tata AIG General. Initially Tata AIG General will offer property, casualty, marine, directors and officers liability, accident and health, homeowners, and automobile insurance. AIG Chairman M. R. Greenberg commented, "We are very pleased that the Indian regulatory authorities have granted this license to the Tata AIG general insurance joint venture, marking AIG's return to India after an absence of 30 years. We are proud to be partners with the Tata Group The Tata Group is India's largest conglomerate company, with revenues in 2005-06 of Rs. 967,229 million (US $21.9 billion), the equivalent of about 2.8% of India's GDP, and a market capitalisation of US $57.6 billion now (only 28 of the 96 Tata Group companies are publicly listed). , the leading business and industrial house in India. India presents significant potential for growth as a result of the reforms initiated by the Indian government. AIG is a leader in providing insurance products and services in developing markets worldwide, and India represents a very important addition to our global network." Tata Sons Tata Sons is a promoter of the key companies of the Tata Group and holds the bulk of shareholding in these companies. It was established as a trading enterprise by Group founder Jamsetji Tata in 1868. The chairman of Tata Sons has traditionally been the chairman of the Tata Group. Chairman, Ratan Tata Ratan Naval Tata (born December 28, 1937, in Mumbai) is the present Chairman of the Tata Group, India's largest conglomerate established by earlier generations of his family. , said, "Tatas have had a long association with India's insurance sector and we are pleased at the opportunity to participate in its development once again. Our partnership with AIG, a global leader in insurance, will allow us to offer world class products and services to Indian consumers." Through this joint venture, AIG becomes the first U.S.-based insurance organization granted permission to participate in the general insurance market in India under the newly enacted insurance regulations. A second joint venture, Tata AIG Life Insurance Co. Ltd., has a pending application with the Indian Insurance Regulatory and Development Authority for a license to operate a life insurance company in India. AIG is the leading U.S.-based international insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. organization and the largest underwriter of commercial and industrial insurance in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Its member companies write a wide range of commercial and personal insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. American International Group, Inc.'s common stock is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , as well as the stock exchanges in London, Paris, Switzerland and Tokyo. The Tata Group is the most respected industrial conglomerate in India, with revenues of more than US $8 billion. The Group has long been a market leader in steel, commercial vehicles, electric power generation in the private sector, and computer software. In recent times it has promoted several new ventures in key areas such as financial services, telecommunications, information technology, auto components, oil field services and process management systems. |
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