HDFC All Set To Acquire Chubb From Insurance JV

Mumbai: Housing Development Finance Corporation (HDFC) is looking at acquiring Chubb Global Financial Services Corporation of the US (Chubb Global) from its general insurance joint venture. HDFC had expressed its intention to end its joint venture with Chubb Corporation a year ago, following differences over the style of running business. HDFC holds a 74% stake in the five-year-old company, while Chubb Corporation owns the remaining 26 per cent, the maximum foreign direct investment permitted by insurance laws. Sources said several global players like Prudential of the US and Ergo, a part of Munich Re Group, have approached HDFC in the last six months.