Religare not to proceed with planned Swiss Re joint venture

Domestic brokerage firm Religare Enterprises today said it will not go ahead with the agreement to develop a health insurance joint venture firm in association with Switzerland-based reinsurer Swiss Re.     

The brokerage firm which had signed a non-binding term sheet to develop a joint venture health insurance company in India on June 1, 2009 with Swiss Re, have now mutually decided not to renew the agreement, Religare Enterprises said in a filing to the Bombay Stock Exchange.     

The deadline for the term sheet had lapsed on August 20, 2009, the filing added.     

"Swiss Re remains committed to offering its actuarial and underwriting expertise in the important Indian market, and continues to be open to explore a health insurance joint venture", a Swiss Re spokesperson said.     

Swiss Re is a diversified global reinsurer. The company operates through offices in more than 20 countries, it said.     

"Committed to offer its services in health insurance sector, the company is open to consider new potential partners", a Religare spokesperson said.     

Shares of Religare Enterprises today closed at Rs 387 on BSE, up 0.89 per cent from the previous close.