Rajan Raheja Group & QBE sign general insurance JV

1. Rajan Raheja Group & QBE sign general insurance JV The Rajan Raheja Group ('RRG') and QBE Insurance Group ('QBE') today announced that it has signed a Joint Venture Agreement to establish a general insurance company in India. The Agreement and licensing of the general insurance company are subject to approval by the Insurance Regulatory and Development Authority of India ('IRDA') and other applicable approvals. This entry into the general insurance market in India is part of QBE's ongoing strategy of product and geographic diversification and strengthens RRG's interest in the financial services sector which currently includes shareholdings in ING Vysya Life Insurance and ING Mutual Fund. QBE will hold a 26% equity stake in the Joint Venture Company, whereas Prism Cement Ltd., an RRG company will hold the remaining 74% stake. QBE will leverage its deep expertise in technical insurance functions as well as process and systems. RRG will assist in distribution and other areas through their knowledge of the Indian market. Rajan Raheja stated: "We are happy to partner QBE in the general insurance business in India. We believe that the JV Company has excellent prospects given QBE's track record in General Insurance and RRGs extensive interests in India." Frank O'Halloran, QBE's Group Chief Executive Officer, stated: "We are excited about the great opportunity offered by India’s large and rapidly growing general insurance market. We are delighted to partner with the Rajan Raheja Group which has extensive interests in India and a track record of successful joint ventures with foreign partners." To know more detail about Navin Raheja and Raheja Developers visit website. Raheja.com