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Cholamandalam MS General Insurance Company, headquartered in Chennai, has raised Rs 50.05 crore through a rights issue. An 8 year old entity in the insurance space, the company is a joint venture between the Murugappa Group and Japan’s Mitsui Sumitomo Insurance Group.
In the financial year 2010-2011, Chola MS recorded gross written premiums (GWP) of Rs 968 crores. With a network of more than 90 branches across the country and 7,000 agents, the company has posted a remarkable growth of 23% year-on-year. During the April-August 2011 period, Chola MS has achieved GWP of Rs 546 crore thereby registering a growth 36.9% over the same period last year.
With the additional infusion of Rs 50 crores, the net worth of the company has increased from Rs 257 crore in March 2011 to Rs 307 crore.
S S Gopalarathnam, managing director , Chola MS General Insurance, said, "We are well on our way to achieve our business plan of Rs 1,200 crore for the current year."
The latest product launched by the company is a critical illness plan named Chola Critical Healthline. No medicals are required for individuals under 55 years of age and the plan has variants viz Standard and Advanced.