HDFC shortlists 3 foreign cos for insurance biz

Housing lender HDFC has shortlisted three foreign companies in its partner selection process for the general insurance business and is likely to complete the exercise in the next two-three weeks।

''We have shortlisted three names and it will take two-three weeks to finalise the foreign partner,'' HDFC Executive Director, Ms Renu Sud Karnad, told PTI.
Without giving the specific names, she said the contenders for the 26 per cent stake in its non-life insurance business were from the US, Europe and Australia।

It is believed that the shortlisted firms include the US-based Travelers and Australia's IAG Group। Besides, the world's second largest reinsurer Munich Re's insurance arm ERGO is also being considered.

Without confirming or denying any name, Munich Re last week said MoUs with partners (life and non-life) are close to finalisation। The joint venture for general insurance could happen earlier than life insurance venture and the likelihood of partnering with the private sector is higher for the non-life venture, Munich Reinsurance Chairman, Mr Nikolaus von Bomhard, had said.

HDFC also runs a life insurance firm in joint venture with UK's Standard Life