New non-life joint venture insurance launched

Kolkata, Nov 08 (UNI) Allahabad Bank, Indian Overseas Bank, Karnataka Bank Ltd, Dabur and Sompo Japan Insurance Inc today executed the shareholders agreement for the formation of a new non-life joint venture insurance company.

The proposed company would be called Universal Sompo General Insurance Company.

The proposed share holding pattern of the company would be Allahabad Bank - 30 per cent, Indian Overseas Bank - 19 per cent, Karnataka Bank Ltd - 15 per cent, Dabur Investment Corporation - 10 per cent and Sompo Japan Insurance - 26 per cent.

The proposed entity will now make an application to the Insurance Regulatory Development Authority (IRDA) for the regularot's approval.

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