First Published Wednesday, 2 March 2011 09:04 am -
MUMBAI -(Dow Jones)- Billionaire Warren Buffett's Berkshire Hathaway Inc. (BRKA) has set up an Indian unit to distribute general insurance products in Asia's third-largest economy.
Berkshire India will be a corporate agent of Bajaj Allianz General Insurance Co. and sell insurance products via an online distribution portal and telemarketing, it said in a statement.
"Initially, the focus will be on motor insurance, but the company will continuously update its business model," the statement said.
The company will seek to expand its products to include health insurance, life and travel insurance and other personal lines if the market proves receptive, it added.
Bajaj Allianz General Insurance is a joint venture between India's Bajaj Finserv Ltd. (532978.BY) and Allianz SE (ALV.XE), Europe's largest insurer by gross premium income.
-By Subhadip Sircar; Dow Jones NewswiresShare Investor Links
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