Allianz sets up Indian joint venture.

German insurer Allianz is to set up two joint venture companies in India with Indian auto manufactur...

German insurer Allianz is to set up two joint venture companies in
India with Indian auto manufacturer Bajaj Auto.


Allianz plans to start operations in India by April, and has applied for a
short-term license to do general and life insurance business in India with
its venture partner. The capital base for both companies will be 1.5bn
rupees (£20m).


A memorandum of understanding was signed last month to set up two separate
companies - Allianz Bajaj for general insurance and Bajaj Allianz for
life.


India is looking to open up the country's insurance sector and the
regulations now allow foreign companies to own up to 26% of an insurance
business.
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