Lenders of Reliance General Insurance are in talks with global funds and strategic investors to sell 100% in the insurance company owned by the debt-ridden Anil Ambani group. Investment bank JM Financial has been...
Brazilian reinsurer IRB Brasil in talks to buy rivals’ portfolios – sources
Brazilian reinsurer IRB Brasil Resseguros SA is in advanced negotiations to buy rivals’ portfolios in Brazil and elsewhere in Latin America as foreign competitors scale back in the region, two sources close to the...
Reduce stake in insurance subsidiaries to 50% or below: RBI to HDFC
The Reserve Bank of India (RBI) has asked mortgage lender Housing Development Finance Corporation (HDFC) to pare stake in its insurance subsidiaries to 50 per cent or below. HDFC owns majority stake (more than 50 per...
Insurance comparison firm SelectQuote looks to raise $342 million in IPO
SelectQuote Inc said on Friday it was looking to raise about $342 million in an initial public offering that could value the owner of the eponymous insurance policy comparison website at more than $3 billion. The...
Covea needs plan B after Exor refuses to budge on PartnerRe price
Shares in French reinsurer Scor rose on Wednesday after its shareholder Covea dropped a planned $9 billion acquisition, rekindling speculation that Covea may turn its attentions to Scor again. Covea’s plan to buy re...
France’s Covea backs out of $9 billion purchase of Exor’s PartnerRe
French insurer Covea has walked away from its planned $9 billion purchase of PartnerRe, the Bermuda-based reinsurer owned by Exor, the holding firm of Italy’s Agnelli family, saying it could no longer buy under the...
Mirae Asset says sued after deadline miss on $5.8 billion Anbang U.S. hotels deal
South Korean asset manager Mirae Asset Global Investments has been sued over a $5.8 billion deal to buy 15 U.S. hotels from China’s Anbang Insurance Group after missing a deadline for the deal’s closing, a Mirae...
Italy’s Generali not worried about takeovers thanks to core shareholders, strong capital
Italy’s top insurer, Assicurazioni Generali, said on Saturday it was confident of being able to rebuff a potential takeover bid, thanks to a “solid” group of core domestic shareholders and strong capital and financial...
Federal Bank to buy 4% stake in life insurance JV from IDBI Bank
The board of directors of Federal Bank on Tuesday gave in-principle nod to acquire additional stake of up to 4% in the equity capital of IDBI Federal Life Insurance Co Ltd (IFLIC) from the IDBI Bank. Federal Bank...
Irdai grants exemptions to merged banks on corporate agency matters
The Insurance Regulatory and Development Authority of India (Irdai) has granted relaxation to merged public sector banks by allowing them to act as corporate agents of more than three entities in life, general and...
IAG exits SBI General Insurance, sells 26% stake
SBI on Monday said Australia’s IAG has sold its entire 26 per cent stake in the lender’s general insurance joint venture SBI General Insurance Co Ltd for USD 310 million (about Rs 2,325 crore). The stake has...
UK’s Standard Life sells 2.5% stake in HDFC Life
UK’s Standard Life on Friday sold 5 crore shares or 2.5% stake in HDFC Life Insurance Company for Rs 2,200 crore through open market transactions. Shares were sold at Rs 441 per share, at about 8% discount to...
