Liberty General Insurance, subsidiary of Liberty Mutual Insurance Group has received Rs 100 Crore Capital Infusion from its Promoter Group. The insurer also denied all market rumours pertaining to the sale of its stake.
“Liberty General Insurance’ promoters, Liberty Mutual Insurance Group, Enam Securities, and DP Jindal Group remain confident of the company’s ability to build a substantial business in India. With a further infusion of additional capital of Rs.100 crore made in July 2020 by its promoters, the total invested capital including share premium is now Rs.1,834 crore. This fresh infusion of capital by the promoters amidst prevailing difficult economic situation in the country indicates their commitment and confidence in Liberty General’s ability to grow profitably for many years to come,” said Roopam Asthana, CEO & Whole Time Director, denying media reports that suggested any stake sale.
During February 2018, Liberty General Insurance (LGI) underwent a shareholding change and consequently, the current promoters are subject to a lock-in period of 5 years as stipulated by the regulator.
The company has mentioned its communiqué that it registered Year-On-Year growth of over 36 percent as on 31 March 2020. The insurer deals into segments ranging from motor, health and personal accident covers apart from commercial, fire, engineering and marine insurance.
It recently launched Liberty Critical Connect (Critical Illness Health Insurance) and Liberty Assure, under the regulatory sandbox mechanism.