IOB, Universal Sompo in distribution tie-up

Universal Sompo General Insurance Company On Monday signed a memorandum of understanding (MoU) with Chennai-based public sector lender Indian Overseas Bank (IOB) for distribution of the Japanese company’s general insurance products through its branches across the country.

Universal Sompo Executive Chairman O N Singh said the company had set a target of Rs 50 crore for the current financial year and planned to capture 2 per cent of the country’s market share by 2010-11.

Universal Sompo is a non-life insurance company set up as a joint venture between Dabur Investments and Sompo General Insurance Company of Japan, along with IOB (19 per cent equity), Allahabad Bank and Karnataka Bank.