The New Delhi-based Burman family, whose interests range from food products to automobiles, is in talks with US insurance major Liberty Mutual for a JV in the non-life insurance business. If everything falls in place, this will be the Burmans' second investment in general insurance and the third in the insurance segment, reported ToI. The group holds a 10% stake in Universal Sompo General Insurance Company, the non-life insurance firm floated by a clutch of public sector banks and Japanese insurer Sompo. In the life insurance business, it has a joint venture with UK's Aviva.

Confirming the development, Dabur sources said, "Talks are at apreliminary stage (with Liberty). We are at present evaluating the structure." Liberty Mutual is a diversified global insurer and the sixth largest property and casualty insurer in US with $ 23.5 billion in annual consolidated revenue. The company ranks 95th on the Fortune 500 list of largest corporations in the US based on 2006 revenue.

"There is no time frame to the proposed venture," he said, adding, "Talks have just begun and are being held only with the US company." Liberty Mutual Group offers a wide range of insurance products and services, including personal auto insurance, homeowners insurance, global speciality, group disability, assumed reinsurance, fire and surety. Liberty has appointed global consulting firm McKinsey to chart out its India strategy. The Burmans have already made quite a few investments in banks and asset management companies as part of their strategy to have an enhanced presence in the financial services segment.

Industry analysts, however, say there may be a glitch. The Burmans are financial investors in Universal Sompo, with their investment having a five-year lock-in period. Add to this their relationship with Aviva. As per current regulations, an entity can acquire two licences—one in life and the other in non-life. How the regulatory authorities view their application for a third licence remains unclear.