Berkshire Hathaway plans India insurance foray

MUMBAI, March 2 Wed Mar 2, 2011 5:12am EST

MUMBAI, March 2 (Reuters) - US-based Berkshire Hathaway Inc , the firm run by billionaire Warren Buffett, said on Wednesday it aims to enter the Indian insurance sector as a corporate agent of Bajaj Allianz General Insurance.

Berkshire India, a majority-owned unit of Berkshire Hathaway will sell and distribute general insurance products in India through its online distribution portal, the company said in a statement.

Berkshire's initial focus will be on motor insurance, but the company will continuously update its business model to meet the needs of the fast evolving Indian insurance sector, it said.

"If the market proves receptive, the company will seek to expand its products to include health insurance, life and travel insurance and other personal lines, as well," the statement added.

Omaha, Nebraska-based Berkshire has interests in property and casualty insurance and reinsurance, utilities and energy, freight rail transportation and finance. (Reporting by Aniruddha Basu) (If you have a query or comment on this story, send an email to newsfeedback.asia@thomsonreuters.com)

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