Saturday, January 20, 2018

Edelweiss wins India non-life licence

Edelweiss Group is set to invest up to Rs5 trillion (US$79 billion) during the next three to four years after the Insurance Regulatory and Development Authority of India (Irdai) approved Edelweiss General Insurance’s application to become a non-life company.

Edelweiss Group founder Rashesh Shah said the non-life arm still does not have a foreign partner but may consider pursuing one in the future for strategic reasons.

Edelweiss General Insurance will start operations in February of this year after receiving the certificate of registration from Irdai, making it the 33rd non-life company in India.

Edelweiss has a life insurance partnership with Japan’s Tokio Marine, but the Japanese insurer will not be able to pick up a stake in the new non-life insurer as it already has a non-life joint venture Indian Farmers Fertiliser Co-operative.

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