Religare, Aegon rope in Times group for risk JV

Media house, Bennett, Coleman & Company will be the third promoter partner in a life insurance company Ranbaxy promoter group company, Religare, is launching.

The third partner is the Netherlands' insurance major Aegon, which signed a memorandum of understanding with Religare in early July 2006. Bennett, Coleman will own a 30 per cent stake in the proposed life insurance joint venture.

Religare will hold 44 per cent and the remaining 26 per cent by Aegon. Bennett Coleman is a prominent media house with interests in print, television, radio and internet.

The partners expect to sign final agreements in the next few months and expect to have the partnership operational in the second quarter of 2007.

Aegon and Religare have cited Bennet, Coleman's expertise in creation of brands and strategies in marketing as factors that would significantly enhance the partnership.

Aegon is one of the world's largest life insurance and pension companies, and a strong provider of investment products. Aegon's three major markets are the US, the Netherlands and the UK.

In addition, the group is present in a number of other countries including Canada, China, Czech Republic, Hungary, Poland, Slovakia, Spain and Taiwan.