HDFC to sign pact with Chubb for non-life foray today

Mumbai, January 23: | Updated: Jan 24 2002, 05:30am hrs
The US-based Chubb Global Financial Services Corporation and the Housing Development Finance Corporation (HDFC) are signing a joint venture agreement to enter the domestic non-life insurance segment on Thursday in New Delhi.

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.