INDIA’S UNIVERSAL SOMPO PLANS SOFT LAUNCH THIS MONTH

Indian joint venture Universal Sompo hopes to have a soft launch in place by the end of this month or early in January, according to company chairman O N Singh. The venture, backed by Japanese insurer Sompo, Indian conglomerate Dabur and three local banks, will begin with a paid up capital of Rp1.5bn ($37.9m) with an additional Rp880m for start-up costs. Sompo has paid Rp1.17bn for its 26% stake in the operation, while the local operations have put up Rp1.21bn. The company plans to use bank branches as its primary distribution channel — its three banking backers are Indian Overseas Bank, Allahabad Bank and Karnataka Bank — and will focus on health, motor, householder and shopkeeper insurance.