Edelweiss strikes deal with Tokio Marine for life insurance

Edelweiss Capital and Japanese insurance major Tokio Marine Holdings (TMH) have signed an agreement to form a joint venture and launch life insurance operations. The new venture, which will begin with an initial capital base of Rs 550 crore, may see the capital infusion only in case the government hikes the FDI cap in insurance sector to 49% from existing 26%. We hope that the sum of Rs 550 crore will take care of our needs for first few years, said Rashesh Shah, chairman, Edelweiss Capital. To begin with, the company is looking at having a product mix comprising Ulip, ...

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