INSURANCE
Centrum Group to float standalone insurance firm
Aug-18-2017

Eyeing full-fledged insurance business, Centrum Group plans to set up a standalone insurance company over the next three-five years through both organic and inorganic routes. Separately, the group has won a Direct Insurance Broking licence and is targeting Rs 500-crore revenue in the next five years from this business. The group is scouting to acquire between 5 and 49 percent stake in mid-size insurance firms, depending on the deal value of the target firms. However, it is yet to shortlist a firm.

Centrum Group has also been awarded a Direct Insurance Brokers licence by the Insurance Regulatory and Development Authority of India, which will enable it to tie up with all life, general and health insurance companies in India and sell their products.

Centrum forayed into insurance advisory service in April 2016 as a composite corporate agent. At present, it offers advisory services to corporates, high net worth individuals and retail clients. In its first year of business, the firm sold more than 10,000 policies. The new licence will enable Centrum to offer more customised services to its clients.

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