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Edelweiss Financial Services to enter general insurance biz

EdelweissFinancial Services Ltd. is looking to enter the general insurancebusiness in India.

The company said July 11 that the Insurance Regulatory and DevelopmentAuthority of India has accepted its application to set up a general insurancebusiness. The new business will be called Edelweiss General Insurance Co. andwill be a wholly owned subsidiary of the group.

Edelweiss Financial Services already has a presence in thelife insurance sector through its unit Edelweiss Tokio Life Insurance Co. Ltd.,a joint venture withJapan's Tokio Marine Holdings Inc.