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Reliance plans to go ahead with Munich Re joint venture.
(From Insurance Day)
Byline: Shirish Nadkarni
MUMBAI-based Reliance Industries, India's largest multi-business conglomerate, is to go ahead with its proposed joint venture with Munich Re, to undertake reinsurance business in the country as well as in the Asia-Pacific region.
A team from Munich Re, the world's largest reinsurance company, is scheduled to visit Mumbai in the first week of December to carry forward negotiations on setting-up India's first private sector reinsurance joint venture.
It was in May this year that Reliance signed a memorandum of understanding with Munich Re for the reinsurance partnership. The idea remained on the backburner for some time, but has now been revived.
It is expected that the two companies, after sorting out key issues in the proposed partnership, will apply jointly to the Insurance Regulatory and Development Authority (IRDA) for a licence.
As per existing government regulations, the Indian partner should hold 74% of the equity in the joint venture, with the overseas partner taking the residual 26%. The minimum capital investment in a reinsurance venture needs to be Rs2bn ($44m).
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