HDFC Ltd. and ERGO International AG joined their forces to form a general insurance joint venture company in India under the presence of German Chancellor Dr. Angela Merkel and former Indian Prime Minister Dr. Manmohan Singh, Mr. Deepak Parekh, Chairman of the Board of HDFC Ltd. and Dr. Nikolaus von Bomhard, CEO of ERGO’s parent company, the Munich Re Group. The new joint venture company was named HDFC ERGO General Insurance Company Limited with its headquarter in Mumbai. Under the agreement signed by the two companies, the international business entity, ERGO International AG, acquired 26 per cent share in HDFC General Insurance Ltd., the rest being held by HDFC Ltd.
The new formed partnership enabled HDFC Ltd to successfully grow its existing general insurance operations and further leveraged their outstanding brand image and distribution strength. Over the years, the company has expanded its reach to approximately all the major cities of India with millions of customers already on board. HDFC ERGO General Insurance Company Limited is a Public Company and is categorized as Indian Non-Government Company. The company’s authorizedshare capital is Rs. 6,000,000,000 and its paid up capital is Rs. 5,386,202,600.[3]Headquartered in Mumbai, India, HDFC ERGO General Insurance Company Limited is a joint venture between HDFC Ltd. and ERGO International AG, a Germany based company. ERGO is a part of the Munich Re Group that stands among the largest insurance companies of the world with an asset share of over Rs. 9,00,000 crores. HDFC Ltd. holds 74 per cent stake in the insurance venture, while the balance 26 per cent lies in the hands of ERGO. Founded in the year 2002, HDFC ERGO General Insurance Company operates in 89 Indian cities with over 109 branches and 1,900 staff members across the country.[2]HDFC ERGO General Insurance Company Ltd. is a 74:26 joint venture between HDFC Ltd., India’s premier Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group. The Company offers complete range of general insurance products ranging from Motor, Health, Travel, Home and Personal Accident in the retail space and customized products like Property, Marine and Liability Insurance in the corporate space.
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