Chola MS raises Rs. 75 crore capital for business growth

India Infoline News Service | Mumbai |

The networth of the Company which was Rs. 435.9 crore in March 2013 and has increased by Rs.75 crore through this infusion by its promoters

Chennai-based Cholamandalam MS General Insurance, a joint venture between Murugappa Group and Mitsui Sumitomo Insurance, Japan has enhanced its capital base by Rs. 75 crore through a rights issue.

The networth of the Company which was Rs. 435.9 crore in March 2013 has increased by Rs.75 crore through this infusion by its promoters.

The company also informed that it is releasing a multi-media communication campaign to promote its range of Health Insurance products. The core idea of the campaign is to showcase empathy and service excellence with seamless processes. The advertisement portrays Chola MS to be with the customer when s(he) needs us most.

Commenting on the same, SS Gopalarathnam, Managing Director, Chola MS said, “We’ve grown our business by 20% last year. This additional capital infused in our business will be utilized for our business growth and expansion. We hope to achieve around Rs.2000 crore GWP for the current year. Chola MS has achieved a Gross Written Premium (GWP) of Rs. 906 crore during the April-September 2013.”

Chola MS General Insurance Company Ltd. is a Joint Venture between Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan. Chola MS offers a wide range of products that include Accident, Engineering, Health, Liability, Marine, Motor, Property, Travel and Rural insurance for individuals and corporate. The company achieved a GWP of Rs. 1621 crore in 2012-13.

The company champions a brand philosophy of T3 – Trust, Transparency and Technology. The company received various awards and accolades, noteworthy amongst them is the best insurance company for “overall performance” in RSBY for FY 2011-12 by Government of India and the Innovation Leader Award for the year 2012. The Company has been recognized for the third consecutive year for its excellent work in RSBY scheme.



 

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