The Finance Ministry is considering an earlier proposal to merge the three state-owned general insurance companies into a single entity, following their improved financial health, to achieve better efficiency and scale...
Insurance
A seven-year-old merger plan for insurance weaklings is being dusted off the shelves
The Centre is weighing a massive restructuring of National Insurance Co., Oriental Insurance Co., and United India Insurance Co., potentially involving a merger, privatization or both. The Union finance ministry is...
Vienna Insurance Group offers to buy Germany’s Nuernberger for $1.61 billion
Vienna Insurance Group (VIG) said late on Thursday that it will acquire all shares of German insurer Nuernberger Beteiligungs AG for 1.38 billion euros ($1.61 billion) in cash. VIG will offer Nuernberger shareholders...
White Mountains to sell insurance agency Bamboo to CVC in $1.75 billion deal
White Mountains Insurance said on Friday it would sell a controlling interest in insurance distribution platform Bamboo to European private equity firm CVC in a deal that values the company at $1.75 billion. Shares of...
Tiptree to sell Fortegra to South Korean insurer DB Insurance for $1.65 billion
U.S. investment manager Tiptree said on Thursday that South Korea’s DB Insurance would acquire its specialty insurance unit, The Fortegra Group, for about $1.65 billion in cash. The sale would also mark an exit...
Insurer IAG’s proposed $877 million buy of RAC insurance draws ACCC scrutiny
Australia’s competition watchdog said on Thursday that Insurance Australia Group’s proposed A$1.35 billion ($877.23 million) acquisition of The Royal Automobile Club of Western Australia’s insurance...
Cigna’s unit to invest $3.5 billion in specialty pharmacy firm Shields
U.S. health insurer Cigna Group unit Evernorth Health will invest $3.5 billion in Shields Health, the company said on Tuesday, bolstering its presence in the fast-growing specialty pharmacy business. The investment...
Japan’s Sompo to acquire Aspen Insurance for $3.5 billion in westward push
Sompo Holdings said on Wednesday that it would acquire New York-listed Aspen Insurance Holdings for about $3.5 billion, joining a number of Japanese financial firms that are investing in overseas assets to drive growth...
Govt to begin LIC stake sale roadshows, may sell 3% stake in first tranche
The government is expected to start roadshows within the next two weeks to prepare for selling a part of its stake in Life Insurance Corporation of India (LIC), CNBC-TV18 reported. The first round of divestment could...
Bajaj Allianz Life Insurance buys 2.1% stake in JM Financial Home Loans
Bajaj Allianz Life Insurance has acquired about 2.1% of JM Financial Home Loans from JM Financial Credit Solutions, a unit of JM Financial, for ₹65.5 crore. The insurer bought 13.65 million shares at ₹48 apiece...
French insurer Axa to buy 51% stake in Italy’s Prima
French life and health insurer AXA has agreed to buy a 51% stake in Italian direct insurance group Prima for 500 million euros ($571 million) as it seeks to strengthen its position in Italy’s motor business, it...
PSBs ready insurance units’ divestment plan
State-run banks have informed the government that they will actively pursue disinvestments in their insurance subsidiaries after the Centre approves 100% foreign investment in the sector. Some lenders have shared their...
