Magma General Insurance Partners with Hyundai India Insurance Broking for Motor Coverage

Magma General Insurance Limited has formed a strategic partnership with Hyundai India Insurance Broking Private Limited (HIIB) to offer motor insurance products across more than 600 dealerships in India, the companies announced Monday.

The agreement will allow HIIB to distribute Magma's insurance solutions for both private and commercial passenger vehicles. Customers will gain access to coverage against risks including accidents, theft, natural disasters, and third-party liabilities.

Representatives from both companies finalized the agreement last week in Gurugram.

Sameer Samdani, Whole Time Director and Chief Executive Officer of HIIB, stated that the partnership aims to increase insurance penetration by offering solutions from trusted insurance providers. "We are confident that our customers will benefit from Magma's approach and solutions," he said.

Rajive Kumaraswami, Managing Director and Chief Executive Officer of Magma General Insurance, described the partnership as a strategic initiative to strengthen the company's passenger car portfolio. He emphasized Magma's expertise in underwriting different customer segments and ability to provide easy access to insurance and quality service nationwide.

Magma General Insurance, formerly known as Magma HDI General Insurance Company Limited, is majority-owned (72.49%) by Sanoti Properties LLP, an entity jointly held by Adar Poonawalla (90%) and Rising Sun Holdings Pvt Ltd (10%). The company offers over 70 insurance products across various categories including retail and commercial solutions.

HIIB is a wholly owned subsidiary of Hyundai Motor India Limited, the second-largest carmaker in India. The company received registration as a direct broker for general insurance from the Insurance Regulatory and Development Authority of India in 2022.

The partnership represents an effort by both companies to enhance customer convenience and financial security through streamlined insurance services in India's competitive automotive market.