Several other overseas Insurers are also sending feelers to the Mumbai-based insurer to forge an association in India

Edelweiss Capital, an India-based financial services company, is engaged in talks with the Japanese insurance group, Tokio Marine Holdings to form a joint venture in life insurance – reported Economic Times. According to an insurance industry official, Edelweiss has also been getting feelers from foreign insurance firms such as Ergo, Nippon Life and another Malaysian life insurer to forge a relationship.

 

Tokio is already present in India through a non-life joint venture with IFFCO – a fertiliser co-operative. However, as IFFCO is not willing to enter into life insurance business, the Japanese insurer is on the look out for another local partner to launch life insurance venture, reported the newspaper.

 

Speaking to Economic Times, the country head of a multinational insurance company said that overseas insurance firms will have to team up with second rung companies, if they need an equal say in the managerial decisions. If they want the advantage of a strong local partner with deep pockets, a well-known brand and a distribution network, they need to accept playing second fiddle in the joint ventures, he added.

 

Edelweiss offers investment banking, stock broking, wealth management and asset management services. The company has a market capitalisation of INR31 billion.