Allahaband Bank, Indian Overseas Bank (IOB), Karnataka Bank (KBL), Dabur Investment Corporation and Sompo Japan Insurance Inc have decided to form a new non-life joint venture insurance company to be called Universal Sompo General Insurance Company Ltd.
The proposed shareholding pattern of the company is Allahabad Bank—30%, IOB—19%, Karnataka Bank—15%, Dabur Investment—10% and Sompo Japan Insurance—26%. A shareholders agreement for the formation of the company has been executed and now company await necessary regulatory approvals.
The three PSU banks have a delivery channel of around 4000 branches across the country. Dabur is one of the major Corporate Houses in the country. Thus, this company will have an All-India distribution network and high degree of credibility. The proposed Company will also leverage the strong product and underwriting skill of Sompo which is second biggest casualty insurer of Japan with experience of de-tariffing in the Japanese Markets.
Sompo is the third Japanese insurance entering the non-life sector in India; the other two include Tokio Fire and Marine (tie-up with Iffco) and Mitsui Sumitomo (with Cholamandalam).
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