Magma General
Insurance partners with Toyota Tsusho Insurance Broker India to expand
Passenger Vehicle penetration
Mumbai, 14th May 2025: Magma General Insurance Limited (Magma) (erstwhile Magma HDI General
Insurance Company Limited), a leading name in India’s general insurance sector,
has announced a strategic partnership with Toyota Tsusho Insurance Broker India
Pvt. Ltd. (TTIBI), marking a significant step towards expanding its footprint
in the passenger car insurance segment.
Toyota Tsusho Insurance Broker India Pvt. Ltd. will distribute Magma’s comprehensive motor insurance products for private and commercial passenger vehicles through its 150 dealer network.
The partnership aims to make Magma’s motor insurance
offerings—covering accidents, theft, natural disasters, and third-party
liabilities - more accessible and efficient for customers.
Sharing his
thoughts on the partnership, Mr. Rajive Kumaraswami, Managing Director and
CEO of Magma General Insurance Limited, said "We are delighted to
join hands with Toyota Tsusho Insurance Broker India. This partnership is a
strategic move to strengthen our business in the passenger car segment, particularly
private cars. With
our shared values of integrity, fairness, and trust, we are confident that this
partnership will enable us to deliver an exceptional service experience to our
customers.”
Mr. Takayuki Ueda San, Managing Director and CEO of Toyota Tsusho
Insurance Broker India Pvt. Ltd; added, “We
are committed to enhancing insurance penetration by offering reliable and
high-quality solutions in association with trusted partners like Magma. This
tie-up enables us to deliver superior products and a premium experience to our
customers."
This collaboration reinforces Magma General
Insurance’s commitment to customer-centric growth and market expansion.
Together with TTIBI, the company aims to simplify access to quality motor
insurance across India.
About Magma General Insurance (erstwhile
Magma HDI General Insurance Company Limited) *:
Sanoti Properties LLP, an entity jointly held
by Adar Poonawalla (90%) and Rising Sun Holdings Pvt Ltd (10%), holds 72.449%
of the Company. With over 70 products across various categories, we have
solutions to secure all major risks in the general insurance sphere. From
retail products like Motor (Car, Two-wheeler, Commercial Vehicles, Tractors),
Health, Personal Accident, and Home to commercial products like Fire,
Engineering, Liability, and Marine, our wide array of covers, coupled with
high-quality and agile service delivery, have been the pillars of our
foundation. (*As on 31st March, 2025)
For more
information, please log on to: https://www.magmainsurance.
About Toyota Tsusho Insurance Broker India Pvt. Ltd.:
Toyota Tsusho Insurance Broker India (TTIBI)
is the only Indo-Japanese Composite Insurance Broker in the country, licensed by
the IRDAI to facilitate Insurance Programs in Life, Non-Life and Reinsurance
segments. It is promoted by Kirloskar’s - one of the oldest and reputed Indian
business houses and Toyota Tsusho Corporation, Japan - a trading and services
conglomerate with presence in Insurance distribution in 13 countries. TTIBI
commenced its operations from Bangalore (HO) with offices in Delhi, Chennai,
Pune, Ahmedabad, Mumbai, Hyderabad & Indore and has presence in 30+ cities.
For more
information, please log on to: https://www.ttibi.co.in/
