The private sector general insurance company, Royal Sundaram Alliance, has announced its expansion plans by opening three new branches to its existing network.
The new branches will be located in Cuddapah in Andhra Pradesh, Tumkur in Karnataka and Dindigul in Tamil Nadu.
Royal Sundaram Alliance Insurance Company is a joint venture between India’s Sundaram Finance and UK’s second largest insurer RSA. It is the first private insurance company in India to be licensed post privatization. The company’s product basket includes health insurance, car insurance, hospital cash insurance, accident insurance, business insurance, travel insurance and home insurance.
With the addition of these 3 new branches, the company’s presence has increased to 86 branches. Their gross written premium for 2009-10 was Rs 915.56 crore.
Ajay Bimbhet, Managing Director of Royal Sundaram announced that the 3 new locations have been emerging as important business destinations in respective states. The new branches will enable the company to cater to the insurance needs of customers in tier II and tier III cities. He also added that the company’s expansion strategy revolves around the ‘hub and spoke model’.
The company also announced a capital infusion of Rs. 65 crores to support their expansion plans in the retail business.
