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Our Bureau

Kolkata , Jan. 12

Universal Sompo General Insurance, the joint venture between a clutch of PSU banks, Dabur and Japan's Sompo, expects to launch operations by the end of March, subject to necessary approvals.

The company intends to focus on product innovation, delivery mechanisms and settlement systems for claims. There is a need to increase insurance penetration in the SME sector and leverage the international experience of the Japanese partner, it has pointed out. Sompo has agreed to provide technology and reinsurance for the venture.

The Indian investors in Universal Sompo are Allahabad Bank (30 per cent), Indian Overseas Bank (19 per cent), Karnataka Bank (15 per cent) and Dabur Investment (10 per cent).

The Japanese outfit will hold 26 per cent. Mr O.N. Singh, former chairman of Allahabad Bank, has taken over as the new company's Chairman and Mr Koji Utsuka has been named as the MD. The first board meeting was held on Friday, a press note issued here said.

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