Both the companies have mutually decided not to renew the agreement

Indian brokerage firm, Religare Enterprises has stated that it will not proceed with the agreement to develop a health insurance joint venture firm with Switzerland-based Swiss Re – reported Business Standard.

Reportedly, the brokerage firm had signed a non-binding term sheet to form a joint venture health insurance company in India on June 1, 2009 with Swiss Re. The companies have mutually decided not to renew the agreement.

The deadline for the term sheet had lapsed on August 20, 2009.

Swiss Re will be offering its actuarial and underwriting expertise in the Indian market and would continue to explore a health insurance joint venture. The company operates through offices in more than 20 countries.

According to Religare, it intends to continue offering its services in health insurance sector, quoted the magazine.