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India's Mahindra & Mahindra, XL Catlin to form insurance JV

India-based Mahindra & Mahindra Ltd. and XL Catlin agreed to form a general insurance joint venture, The Economic Times reported Feb. 26.

Ramesh Iyer, managing director of Mahindra & Mahindra Financial Services Ltd., said Mahindra & Mahindra will own a 51% stake in the joint venture, while XL Catlin will hold the remaining 49%. Iyer added that the companies will soon apply with India's insurance regulator for a license.

XL Catlin is the brand used by XL Group Ltd's insurance and reinsurance companies. The report came after XL Group acquired a 20% stake in Mahindra Insurance Brokers for 2.6 billion Indian rupees.

As of Feb. 27, US$1 was equivalent to 65.14 Indian rupees.