DHFL General Insurance has received a certificate of registration from the IRDAI and will start its business operations soon.
The venture is founded by the investment company, Wadhawan Global Capital (WGC), whose flagship brand is Dewan Housing Finance (DHFL), a listed entity.
Mr Kapil Wadhawan, Chairman of WGC and DHFL General Insurance, said that WGC businesses have established a leadership presence across financial services that range from home loans, project finance, SME lending, education loans, mutual funds, and asset management to life insurance, reported Moneycontrol.
"Our general insurance venture would help us in our commitment to offer protection and mitigate the economic effects of illness, accidents, death, disability and disasters," he said.
DHFL General Insurance, which is a 100% owned subsidiary of WGC, was incorporated on 5 July 2016. It is the 31st nonlife insurer in the country.