Financial Daily from THE HINDU group of publications
Thursday, Mar 03, 2005
Financial Daily from THE HINDU group of publications Thursday, Mar 03, 2005 |
|
|
|
|
|
Money & Banking
-
General Insurance Magma Leasing unveils insurance cover with NIC Our Bureau
Hyderabad , March 2 MAGMA Leasing Ltd (MLL), a leading retail asset finance company, has unveiled NICMAGMA, an insurance cover, in alliance with the National Insurance Company (NIC) for the Andhra Pradesh market. Addressing newspersons here on Wednesday, the MLL Country Head, Insurance, Mr Debashish Sanyal, said the co-branded product would be available at Magma branches in Hyderabad, Vijayawada and at select branches of NIC in the State. According to him, MLL will offer the co-branded comprehensive insurance coverage to cover assets financed by it. Apart from providing value-added services to its vehicle finance customers, the company could also earn a decent fee-based income through selling the insurance product as a corporate agent of National Insurance. The alliance with National Insurance enables the company to offer all services including finance, insurance policy and claims redressal under a single roof, he said. Mr Sanyal said the company would initially confine itself to offering insurance services to only those assets financed by it. He said the proposal to offer services to assets financed by others would be considered later. During the next fiscal, the company expects to record business volumes of at least Rs 50 crore through sale of insurance products, he said. The MLL Associate Vice-President and Regional Head, Mr Shiladitya Sinha, said the company has an aggressive disbursal target of Rs 1,352 crore for the current fiscal. From AP alone, the company expects a business of Rs 110 crore, he said.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|