German insurance company Allianz SE, which owns 26% of Bajaj Allianz, is also a minority stakeholder in Berkshire India, according to the company’s filings with the Registrar of Companies.
Allianz SE holds 45 lakh shares, or 20% of the share capital of Berkshire India.
The remainder is owned by BHG Structured Settlements, a Berkshire Hathaway company.
Kamesh Goyal, chief executive officer of Allianz Asia Pacific, was one of the first directors of Berkshire India, but had stepped down from the board before it became a corporate agent. Another director was Debadatta Sengupta who too is no longer with the board, said a Berkshire India spokesperson. Among the other directors were Ajit Jain from Berkshire Hathaway’s reinsurance business, and Forrest N Krutter and Kara Raiguel, also from the Berkshire Hathaway Group.
The stock of Bajaj Finserv, which holds 74% stake in Bajaj Allianz, has risen more than 20% since its tie-up with Berkshire was announced.
Berkshire India declined to comment on Allianz’s stake in the company.
The memorandum of association for Berkshire India suggests the company would primarily act as distributors or advisors in the insurance segment. The main objects of the company on incorporation have been listed as ‘soliciting or procuring insurance business’, acting as an ‘insurance agent, corporate agent and/or insurance broker’, acting as ‘assessors, values and surveyors,’ or ‘advisors and consultants’.
Berkshire India had on Wednesday issued a statement saying it would act as a corporate agent for Bajaj Allianz General Insurance.
The announcement followed months of speculation about Warren Buffett picking up stake in Bajaj Finserv, which the company has denied.