L&T General Insurance Company

L&T General Insurance Company Limited was a wholly-owned subsidiary of Larsen & Toubro (L&T), a prominent Indian multinational conglomerate. Established in 2010, the company entered the Indian general and health insurance market with the backing of the L&T Group's significant brand reputation and financial strength. It was founded as part of L&T's strategic vision to build a strong financial services portfolio, leveraging the group's existing ecosystem which included corporate clients, finance borrowers, and mutual fund investors. The company commenced operations with a paid-up capital of Rs 175 crore, which was above the statutory requirement.

The firm provided a comprehensive suite of insurance products and services catering to a wide range of clients, including individuals, small and medium-sized enterprises (SMEs), and large corporations across both urban and rural India. Its product portfolio encompassed motor, home, and health insurance, as well as corporate and SME-focused insurance solutions. Specific health insurance plans included offerings like My:Health Medisure Classic, Prime, and Super Top Up policies. L&T General Insurance aimed to differentiate itself through a customer-centric approach, a disciplined underwriting philosophy, and significant investment in technology to ensure a seamless experience for customers and distributors.

In June 2016, HDFC ERGO General Insurance Company announced its acquisition of L&T General Insurance for an all-cash deal of Rs 551 crore. This transaction marked a significant consolidation event in India's general insurance industry. The acquisition was part of L&T's strategic decision to exit non-core business activities, while for HDFC ERGO, it was a move to strengthen its market presence and achieve greater cost efficiencies. The deal received approval from the Insurance Regulatory and Development Authority of India (IRDAI) and the Competition Commission of India (CCI) by September 2016, after which L&T General Insurance began operating as a wholly-owned subsidiary of HDFC ERGO, eventually merging completely into the HDFC ERGO brand.

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