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The downturn has claimed another victim. The memorandum of understanding (MoU) between the Hero group and German insurer Ergo — a part of
the Munich Re group — has been called off. Hero, the country’s largest two-wheeler maker, said it has decided to focus on its core business.
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Meanwhile, Ergo said it remained committed to the Indian market and will look for a new partner. “We will actively pursue opportunities the current market environment offers. We believe it is the right time to enter the Indian life market, having in mind that several players are dealing with difficulties,” said Jochen Messemer, who is responsible for the international business on Ergo’s board of management. Both partners said it was a split by mutual consent and will continue to maintain amicable relationship.
In May 2008, Ergo Insurance Group and the Munjals, the promoters of the Hero group, had signed an agreement to form a life insurance JV which was scheduled to start operations in 2009.
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