Religare, Swiss Re to float health insurance JV

NEW DELHI: Religare Enterprises Ltd and Swiss Reinsurance Company on Monday signed a non-binding agreement to develop a health insurance joint venture in India. The proposed joint venture will further strengthen Religare���s diversified portfolio and bolster its presence in the insurance domain, the company said.

Swiss Re will be a minority shareholder and seek to provide its actuarial, risk management and underwriting expertise to the new venture.

Religare expects to be one of the leading players in India���s health insurance domain. Other business in the group operating through companies such as Fortis Healthcare Ltd, Super Religare Laboratories Ltd and Religare Wellness Ltd possesses expertise in the India health market.

For Swiss Re, one of the world���s leading and diversified reinsurers, this investment represents a further commitment to the development of health insurance business in emerging markets, with India as a core area of focus.

The proposed joint venture will seek to commit sufficient investment to achieve a successful launch of the business, which Religare and Swiss Re anticipate will be operational by 2010.

Sunil Godhwani, CEO & MD, Religare, said, ���The joint venture is a clear recognition of our vast distribution capabilities in India and our domain expertise in the healthcare sector through our other group businesses.���

Christian Mumenthaler, Swiss Re executive board member and head of life & health underwriting, said, ���Swiss Re���s interest in a health insurance joint venture is also a natural extension of leveraging our actuarial and underwriting expertise in the Indian market.���