India s insurance regulator has granted approval for Go Digit Life Insurance, which will be backed by Canadian billionaire Prem Watsa s Fairfax Financial Holdings. The new firm will become the country s 25th life insurer and is expected to start with an initial capital of INR7bn-INR10bn ($95m-$136m). Fairfax is likely to hold a 30%-40% stake in the joint venture initially, with Go Digit Infoworks owning 80% of Go Digit Life. The life insurer may also place minority stakes with certain banks to strengthen its bancassurance network.