Tokyo, Japan-based Tokio Marine Holdings (Tokio) and Mumbai, India-based Edelweiss Capital Limited have agreed to establish Edelweiss Tokio Life Insurance Ltd. to be 26% owned by Tokio Marine and 74% owned by Edelweiss Capital. The Mumbai-based life insurer plans to begin operations with 5.5 billion rupees ($116.7 million) in capital in January 2011, pending regulatory approval. As of March 2008, India’s life insurance market was served by 23 life insurers, reported JPY4 billion in premium and showed a compound annual growth rate of 26%. Tokio Marine said it plans to capitalize on the opportunity this presents and contribute “strong insurance expertise” to its planned join venture. Edelweiss Capital, it said, will contribute “strong brand recognition and a broad client base.” Tokio Marine is currently partnering with Indian Farmers’ Fertilizers Cooperatives (IFFCO) in IFFCO-Tokio General Insurance Co., a property and casualty insurance company that began operations in 2000. Tokio Marine said it wants “to become a global top-tier insurance group” and sees enlarging its international insurance business as key to attaining that goal. Toward that end, it has acquired London, England-based Kiln Ltd. and Bala Cynwyd, PA-based Philadelphia Consolidated Holding Corp. and is looking to acquire operations in Asia and Brazil.
Monday, December 14, 2009
TOKIO MARINE ENTERS INDIA’S LIFE MARKET
Tokyo, Japan-based Tokio Marine Holdings (Tokio) and Mumbai, India-based Edelweiss Capital Limited have agreed to establish Edelweiss Tokio Life Insurance Ltd. to be 26% owned by Tokio Marine and 74% owned by Edelweiss Capital. The Mumbai-based life insurer plans to begin operations with 5.5 billion rupees ($116.7 million) in capital in January 2011, pending regulatory approval. As of March 2008, India’s life insurance market was served by 23 life insurers, reported JPY4 billion in premium and showed a compound annual growth rate of 26%. Tokio Marine said it plans to capitalize on the opportunity this presents and contribute “strong insurance expertise” to its planned join venture. Edelweiss Capital, it said, will contribute “strong brand recognition and a broad client base.” Tokio Marine is currently partnering with Indian Farmers’ Fertilizers Cooperatives (IFFCO) in IFFCO-Tokio General Insurance Co., a property and casualty insurance company that began operations in 2000. Tokio Marine said it wants “to become a global top-tier insurance group” and sees enlarging its international insurance business as key to attaining that goal. Toward that end, it has acquired London, England-based Kiln Ltd. and Bala Cynwyd, PA-based Philadelphia Consolidated Holding Corp. and is looking to acquire operations in Asia and Brazil.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment