Domestic brokerage firm Religare Enterprises said on Friday that it will not go ahead with the agreement to develop a health insurance joint venture firm in association with the Switzerland-based reinsurer Swiss Re.
In a filing with the Bombay Stock Exchange, Religare Enterprises said the two companies have now decided not to renew the agreement they had signed to develop a joint venture health insurance company in India. The deadline for the term sheet the companies had signed on 1June 2009 lapsed on 20 August 2009.
Swiss Re operates a global diversified global reinsurance business through offices across more than 20 countries, the company said.
According to a Swiss Re spokeman the company remained committed to offer its services in the health insurance sector and is open to considering new potential partners.
A Religare spokesperson said, Religare on its part wished to go ahead aggressively in the health insurance sector, keeping its broader goals in mind. It remained commited to offer its services in the health insurance sector and is open to considering new potential partners, he added.
Both companies can now be expected to steer their growth in their respective areas independently, according to analysts.
Religare Enterprises Limited (REL) is a diversified financial services group with a pan-India presence. REL offers a comprehensive suite of customer-focused products and services targeted at retail investors, corporate and institutional clients and high net worth individuals. These include asset management, investment banking, lending services, private equity and venture capital. REL operates in the life insurance space as 'Aegon R eligare Life Indusrance Company Limited'.