The joint venture agreement will be signed by HDFC chairman Deepak Parekh and Mr Dean ‘0’ Hare, chairman and chief executive officer, Chubb, who is currently visiting India. The board has approved ‘‘in principle’’ the proposal to set up a joint venture for general insurance with the US-based Chubb Corp.
The shareholder’s agreement for the proposed company would be signed shortly, HDFC informed the Bombay Stock Exchange on Wednesday.
Chubb is one of the largest property-casualty insurers in the US with an asset base of over Rs 1,25,000 crore ($25 billion) as of December 2000, it said.
In 2000, Chubb has underwritten insurance worth more than Rs 30,000 crore and for the nine-month period ended September 2001, the amount was Rs 25,500 crore, it added.