Mumbai: Larsen and Toubro, is set to unveil an asset management company and has finalised US based Travelers as its alliance partner for its non-life insurance venture. The asset management company will be a 100 per cent-owned subsidiary of L&T for which it will be asking regulatory permission shortly. The general insurance company will be a 74:26 per cent joint venture between L&T and Travelers, which is the second largest underwriter of commercial property casualty insurance in the US. L&T, which is already present in the financial services space through its two non-banking finance companies L&T Finance and L&T infrastructure finance is also considering setting up special purpose vehicles (SPVs) for financing different projects in infrastructure and capital goods. Travelers has field offices in every US state, besides operations in the UK, Ireland and Canada.
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