The Chubb Corp. announces joint venture in India.WARREN, N.J.--(BUSINESS WIRE)--Sept. 22, 1996--The Chubb Corporation announced today that it has entered into an agreement with Kotak Mahindra Finance Limited (KMFL KMFL Keyboard Mapping for Linux (keyboarding input method) ) of India to jointly develop property and casualty insurance operations in India in anticipation of the liberalization lib·er·al·ize v. lib·er·al·ized, lib·er·al·iz·ing, lib·er·al·iz·es v.tr. To make liberal or more liberal: "Our standards of private conduct have been greatly liberalized . . . of that country's insurance market. Mr. Percy Chubb III, vice chairman of The Chubb Corporation, and Mr. Uday Kotak Uday Kotak is an Indian businessman. He is the vice-chairman and managing director of Kotak Mahindra Bank. He owns 50% stake in Kotak Mahindra Bank, which he founded and runs. Forbes estimated his wealth at $2.2 bn in 2007 up from $1.1 bn the year earlier. , vice chairman of Kotak Mahindra Finance Limited, announced the signing of a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. in New Delhi New Delhi (dĕl`ē), city (1991 pop. 294,149), capital of India and of Delhi state, N central India, on the right bank of the Yamuna River. today, following more than two years of business planning and market entry preparation. Both companies expect to benefit from the joint venture. The expansion of Chubb's already extensive global insurance network will serve multinational clients with operations in India seeking global coverages and services to which they are accustomed, while new Indian customers with either domestic or multinational organizations of their own will be able to access Chubb's network. The alliance will also strengthen KMFL's ability to expand its already strong India franchise, further enhancing its status as one of India's premier 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. groups. Commenting on the Memorandum of Understanding, Mr. Chubb said, "We at Chubb are excited about the synergies and innovative products and services this strategic alliance will bring to India. KMFL is a company with a desire and a capability to make the necessary commitment to the Indian insurance industry." Mr. Kotak said, "In Chubb we found a partner of international repute with high standards for service and claim settlement. We expect this to give us a competitive edge in the Indian insurance market and that this alliance will add to KMFL's ability to meet our customers' expectations for new products and services." The Chubb/KMFL joint venture will address a growing need in India for asset protection and risk management services as insurance industry liberalization occurs. Chubb possesses a wide range of specialized products and financial capacity that combined with its renowned loss control and claim expertise will be key assets of the joint venture and available to the Indian market as liberalization takes hold. CONTACT: Chubb & Son Inc. Mark Mileusnic, 65/250-3720 or Fleishman-Hillard, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Peter Stack, 212/265-9150 |
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