Even as Buffett, who will be visiting India soon, is yet to announce the details, it is learnt that the new high-profile corporate agency will be launched during his visit and the first 50 buyers who will buy auto policies through berkshireinsurance.com will have the opportunity to have lunch with Buffett.
Speaking to FE , Kara Raiguel, director, Berkshire India said, We are working on an event for the launch of berkshireinsurance.com but need a few more days to finalise the details before we can discuss them. We are not in a position to disclose when exactly Buffett is arriving in India nor the details of his schedule.
Recently, insurance regulator Irda has given its approval for the on-line corporate agency set up by Berkshire in India, the second country after the US to have such an entity by Buffett. The agency, where Allianz holds 20% share , will have a capital of more than Rs 22 crore.
In the US, corporate agents are known as managing general agents (MGAs) and GEICO owned by Berkshire Hathaway is an MGA for homeowners business for other general insurance companies in the US. Berkshire Hathaway also owns BOAT USA which is an MGA for CNA
We continue to explore opportunities either organically or through acquisitions that are similar to a corporate agency, said Raiguel
The Berkshire Hathaway-promoted corporate agency is currently focused on getting the infrastructure in place on the non-life products, but going ahead, will also sell other retail products such as travel, life and health products including life products of Bajaj Allianz Life, added Raiguel.
There many partners we could have gone with; but been particularly pleased with the talent, resources and efforts that Bajaj brought to the table, explained Raiguel.
National Indemnity Co, a part of the Berkshire Hathaway Reinsurance Division, has sold reinsurance to several public and private insurance companies in India and continues to pursue reinsurance opportunities in India.