The Hindu Business Line : Sompo enters insurance venture

Allahabad Bank, Indian Overseas Bank, Karnataka Bank, Dabur and Sompo Japan Insurance on Wednesday executed a shareholders' agreement for the formation of a non-life joint venture insurance company.

The company will be called Universal Sompo General Insurance Co. Allahabad Bank will hold 30 per cent in the venture, while IOB and Karnataka Bank will own 19 per cent and 15 per cent, respectively.

Dabur Investment Corporation will hold 10 per cent, while the Japanese partner will hold 26 per cent, a press release issued here said.

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