Religare Enterprise and Swiss Reinsurance Company (Swiss Re) signed a non-binding agreement to set up a joint venture health insurance company in India.
Swiss Re, a global reinsurer, will be a minority shareholder and will seek to provide its actuarial, risk management and underwriting expertise to the new venture. Both the companies expect that the venture will begin operations by 2010 and will commit sufficient investment.
This venture will further strengthen Religare’s diversified portfolio and bolster its presence in the insurance domain, said the company’s release. Religare through its group companies already has presence in the Indian healthcare segment.
In FY2007-08, India’s health insurance industry collected premiums totalling more than Rs 5,100 crore.