Domestic brokerage firm Edelweiss Capital today said it has entered into an agreement with Japan based-Tokio Marine Holdings to jointly float a life insurance company with an initial investment of Rs 550 crore.

The company has entered into an agreement with Tokio Marine Holdings to establish a joint venture (JV) company -- Edelweiss Tokio Life Insurance, Edelweiss Capital (ECL) said in a filing to the Bombay Stock Exchange.

BSE  |  NSE Price

Click here for Cloud Computing

Also Read   Related Stories News Now - JSW Steel, JFE Steel ink strategic collaboration pact - Glenmark settles patent dispute with Medicis - Genpact bags 5-yr BPO contract from Unitech Wireless - BJP bandh in Delhi against price rise has partial impact - Rules for industrial expansion to stay: Environment ministry - 'Client demand is beginning to come back'

Also Read   Related Stories News Now - Wall Street opens flat as data offsets Moody's warning - Thomas Cook India Q4 net jumps three times - Govt plans to make 30% sourcing from MSEs mandatory - Explain ways to cover govt loss on 3G roaming: TDSAT to telcos - Magma Fincorp plans to start gold finance biz in H1 of FY13 More

"Tokio Marine intends to support the operation of the new company with its strong insurance expertise, and ECL expects to contribute through its strong brand recognition and broad client base," the company said. Tokio Marine Holdings is engaged in core life and non-life insurance and associate business activities.

The new company would contribute to the enhancement of size and profitability of Tokio Marine Group's international insurance business as well as the sound growth of the Indian life insurance sector by providing high quality products and services that meet customer needs, it said.

Shares of Edelweiss Capital were trading at Rs 488.45 on the BSE, up 1.53 per cent from its previous close.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Wall Street opens flat as data offsets Moody's warning - Thomas Cook India Q4 net jumps three times - Govt plans to make 30% sourcing from MSEs mandatory - Explain ways to cover govt loss on 3G roaming: TDSAT to telcos - Magma Fincorp plans to start gold finance biz in H1 of FY13

Tags : Edelweiss | pact | Tokio Marine Holdings   Read Business news in  Advertisements -  Now property search gets more exciting than ever before! -  High Growth Business Opportunities in Africa - Register to explore -  Medium-sized businesses are the engines of a smarter planet. -  Save over Rs.3000 with IndianOil Citibank Card -  We live for our family. have you secured them? -  India's No. 1 Property Site. Click here to know more.. -  Diseases earlier, Saving Costs, Extending Lives. Know More.. -  Get 5% cashback on telephone bills with Citi -  Enjoy the journey as much as the destination. click to know more.. -  Exim Bank Conclave on India - Africa Project Partnership. Know more.. -  Be part of it The World's Largest Aircraft. -  Creating Wealth made simple the SIP way. Know more.. -  Only Developer to give a guarantee on time space & rate. -  Office 365 for professionals and small businesses. -  Buy Your Property with Our Triple Guarantee in India. -  Improve Patient Care & Experience. Click here to know more -  Win a Business Class Ticket to Europe..Know more.. -   Introduce a New Automotive Luxury Car.. know more -  Health is Wealth..... Insurance + Savings... Know More...