Magma General Insurance Limited, formerly known as Magma HDI General Insurance Company Limited, has announced a significant strategic partnership with Toyota Tsusho Insurance Broker India Pvt. Ltd. (TTIBI) to strengthen its presence in India’s passenger vehicle insurance market. This collaboration, revealed in Mumbai on May 14, 2025, is poised to expand Magma’s footprint in the rapidly growing passenger car insurance segment, leveraging the expertise and reach of both organizations.
Under this alliance, TTIBI will distribute Magma’s comprehensive motor insurance products for both private and commercial passenger vehicles through its robust network of 150 dealers across the country. The partnership is designed to make Magma’s motor insurance offerings – which cover accidents, theft, natural disasters, and third-party liabilities – more accessible and efficient for Indian customers. By tapping into TTIBI’s extensive dealer network, Magma aims to simplify the process for vehicle owners seeking reliable and high-quality insurance solutions, ultimately enhancing insurance penetration in the passenger car segment.
Key Highlights of the Partnership
- TTIBI will distribute Magma’s comprehensive motor insurance products through its network of 150 dealers
- The partnership aims to enhance insurance penetration in the passenger car segment
- Magma’s motor insurance offerings cover accidents, theft, natural disasters, and third-party liabilities
Rajive Kumaraswami, Managing Director and CEO of Magma General Insurance Limited, expressed his enthusiasm for the partnership, stating, “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.”
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 is expected to further reinforce TTIBI’s reputation as a leading Indo-Japanese composite insurance broker, licensed by the IRDAI to facilitate insurance programs in life, non-life, and reinsurance segments. Magma General Insurance, majority-owned by Sanoti Properties LLP entity jointly held by Adar Poonawalla and Rising Sun Holdings Pvt Ltd, boasts a portfolio of over 70 products, including motor, health, personal accident, home, fire, engineering, liability, and marine insurance. TTIBI, promoted by the Kirloskar Group and Toyota Tsusho Corporation, operates from its Bangalore headquarters with a presence in over 30 Indian cities.
This strategic alliance marks a new chapter in the Indian general insurance sector, promising to simplify access to quality motor insurance products and deliver superior value to customers nationwide.
