Financial services firm Religare Enterprises Limited said on Tuesday that it is scouting for domestic and overseas partners to enter non-life insurance business.
?The Board has already given in-principle approval for it and we are looking for the both domestic and foreign partners for the venture,? Religare Enterprises Ltd?s Group Chief Financial Officer Anil Saxena told reporters here, after announcing acquisition of UK-based firm Hichens, Harrison & Co.
Religare?s life insurance subsidiary, Aegon Religare Life Insurance Company, has got initial approval — R1 licence — from the insurance regulator earlier this month. The company expects the life insurance venture to be operational by July. Life insurance made up 87% of the market in 2007.
It has partnered the Netherlands-based Aegon and Indian media-conglomerate Bennett Coleman Company Ltd (BCCL) for the life insurance venture.
While Religare Enterprises, as a lead partner, would have a 44% stake in the venture, BCCL would have 30% stake while the remaining would be with Aegon.
They also have an asset management tie-up, which has received an initial nod from the regulator. ?The mutual fund, we?re looking at launching in the second or third quarter (of 2008-09),? Saxena said.