HDFC to announce foreign partner for insurance venture | business | Hindustan Times
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HDFC to announce foreign partner for insurance venture

business Updated: Oct 05, 2007 16:59 IST

Housing lender HDFC will announce the name of its foreign partner for the company's general insurance venture in the next three weeks for which it has shortlisted two foreign entities.

"We will come out with the name of a foreign partner in 2-3 weeks," HDFC Executive Director Renu Sud Karnad told PTI.

The company is presently negotiating with two general life insurance players from Europe and Australia for the 26 per cent stake sale.

"We are trying to assess which one fits best," she said.

It is believed that the shortlisted firms include Australia's IAG Group. Besides, the world's second largest re-insurer Munich Re's insurance arm ERGO is also being considered.

Without confirming or denying any name, Munich Re had said MoUs with partners (life and non-life) are close to finalisation.

Earlier, the US-based Chubb Corporation had 26 per cent stake in HDFC's general insurance venture.

Chubb, after five years of partnership, walked out of the venture in May this year by surrendering 26 per cent- the maximum permissible limit by any foreign entity stake to HDFC for an undisclosed amount. Following this, the venture became 100 per cent subsidiary of HDFC.

HDFC also runs a life insurance firm in joint venture with UK's Standard Life.