Mumbai, Feb 25:

Liberty Videocon General Insurance, the newest entrant in the general insurance space, is targeting a premium collection of Rs 120 crore by December 2013.

The company is the 27{+t}{+h} insurer in the Indian general insurance space. It received licence from the Insurance Regulatory Development Authority (IRDA) in May 2012.

Liberty Videocon has received the regulators approval to launch products in the fire, engineering, and motor insurance space.

The company is awaiting the regulators approval for launching personal accident cover and a health insurance product.

Liberty Videocon will focus on a balanced mix of commercial and retail products. To ensure efficient distribution of products, the company will create a wide network of corporate agents and also leverage bancassurance opportunities, said Roopam Asthana, CEO, Liberty Videocon.

We will begin our operations in seven cities initially and scale it up going ahead, said Asthana.

The insurer commenced business with an initial capital of Rs 350 crore and aims to breakeven in 5-6 years.

The company has a team of 150 professionals and is looking to hire 320 professionals and 1,000 agents by the end of the year. It plans to have a network of 25 branches by next year.

Liberty Videocon is a joint venture between Videocon Industries (74 per cent stake) and US-based Liberty City state Holdings PTE Ltd (26 per cent stake).

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Liberty Videocon Gen Insurance eyes Rs 120-cr premium mop-up