The collaboration aims to distribute comprehensive motor insurance products through Toyota Tsusho's network of 150 dealers across India, potentially increasing accessibility for vehicle owners
14 May 2025 | 663 Views | By Angitha Suresh
Magma General Insurance Limited has formed a strategic partnership with Toyota Tsusho Insurance Broker India Pvt. Ltd. (TTIBI) to expand its presence in the passenger vehicle insurance market, the companies announced today in Mumbai.
Under the agreement, TTIBI will distribute Magma's motor insurance products covering accidents, theft, natural disasters, ...
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Magma General Insurance Limited has formed a strategic partnership with Toyota Tsusho Insurance Broker India Pvt. Ltd. (TTIBI) to expand its presence in the passenger vehicle insurance market, the companies announced today in Mumbai.
Under the agreement, TTIBI will distribute Magma's motor insurance products covering accidents, theft, natural disasters, and third-party liabilities through its network of 150 dealers across India. The collaboration targets both private and commercial passenger vehicles.
Rajive Kumaraswami, Managing Director and CEO of Magma General Insurance Limited, described the partnership as a strategic move to strengthen the company's business in the passenger car segment. "With our shared values of integrity, fairness, and trust, we are confident that this partnership will enable us to deliver an exceptional service experience to our customers," he said.
Takayuki Ueda, Managing Director and CEO of Toyota Tsusho Insurance Broker India, stated that the company aims to enhance insurance penetration by offering reliable solutions with trusted partners. "This tie-up enables us to deliver superior products and a premium experience to our customers," Ueda added.
Magma General Insurance, formerly known as Magma HDI General Insurance Company Limited, offers over 70 insurance products across various categories. Sanoti Properties LLP, jointly held by Adar Poonawalla (90%) and Rising Sun Holdings Pvt Ltd (10%), currently owns 72.449% of the company as of March 31, 2025.
Toyota Tsusho Insurance Broker India is the only Indo-Japanese Composite Insurance Broker licensed by the Insurance Regulatory and Development Authority of India (IRDAI). The company operates in life, non-life, and reinsurance segments. It is promoted by the Kirloskar business group and Toyota Tsusho Corporation, Japan, which has insurance distribution operations in 13 countries.
TTIBI currently maintains offices in Bangalore (headquarters), Delhi, Chennai, Pune, Ahmedabad, Mumbai, Hyderabad, and Indore, with a presence in more than 30 cities across India. The partnership is expected to simplify access to motor insurance for customers throughout the country.