Australia's IAG in JV talks with HDFC

Insurance Australia Group Ltd is in talks to buy 26 per cent in an Indian insurance firm founded by Housing Development Finance Corp, media reported on Monday. HDFC in May bought out its partner Chubb Corp in a general insurance venture after an uneasy relationship stalled growth. IAG, Australia's top car and home insurer, is in "advanced" talks to buy the stake, media said, citing unnamed sources. Other "strong contenders" were US insurer Travelers and Munich Re's insurance unit ERGO, the paper said, adding HDFC expected to receive a premium for the stake. Last week, a source said Travelers was among several insurance firms that HDFC was talking to, and that a final decision had not been made. HDFC also runs a life insurance firm in a joint venture with UK's Standard Life.

source:Economic Times