HDFC LOOKING TO END JOINT VENTURE WITH CHUBB SAYS PAPER

India’s Housing Development Finance Corporation (HDFC) is looking to end its non-life insurance joint venture with US insurer Chubb, reports locally based paper the Economic Times today. The report claimed that HDFC was looking to end the four-year-old partnership with Chubb, which holds a maximum 26% stake, because the two companies had different risk appetites. “ Chubb has a low appetite for risk in the Indian market. This ... acted as a barrier or the joint venture’s rapid rollout”, the report said, citing unnamed sources. Chubb pledged up to Rp730m for the operation when it launched in October 2002 with a capitalisation of Rp1.01bn, initially offering motor cover.