M Saraswathy
Moneycontrol News
A few days ago, Religare Enterprises entered into an agreement with a consortium of investors led by True North to buy its entire stake in Religare Health Insurance. This deal valued the insurer at Rs 1300 crore. After a period of lull, deals in the insurance space have once again started to pick up.
Moneycontrol brings out a list of such deals in the sector that were announced or concluded in the last 12 months:-
HDFC Life-Max Life merger
In June 2016, Max Financial Services and HDFC had said they had received a board approval for the merger of their life insurance businesses, Max Life and HDFC Life, respectively.
An application was filed by Max Life and HDFC Life seeking the in-principle approval of IRDAI for the above-mentioned scheme on September 21, 2016. However, the insurance regulator expressed some reservations about the deal and it has been referred to the Attorney General of India.
It is anticipated that the merger is expected to be completed by second quarter of this financial year subject to the requisite approvals. Once this happens, HDFC Life will be listed on the stock exchanges through a process of reverse listing.
Reliance General Insurance carving out health insurance business
In February 2017, Reliance Capital announced plans to separate out its retail Health Insurance business, from its General Insurance business, into a standalone, wholly owned subsidiary.
Post approvals, Reliance Health Insurance, the proposed new company for health insurance business, will be a wholly owned subsidiary of Reliance Capital.
Edelweiss Financial Services entering general insurance business
In April 2017, Edelweiss Financial Services said that the Insurance Regulatory & Development Authority of India (IRDAI) has accepted the registration application form IRDA /R2, for setting up a general insurance company in India, filed by Edelweiss General Insurance Company, a wholly owned subsidiary.
This is the second stage of regulatory clearances required for carrying on the business as a general insurance company in India. R3 will be the final stage of approval for beginning insurance operations. Edelweiss already has a life insurance company, Edelweiss Tokio Life Insurance.
HDFC ERGO acquisition of L&T General Insurance
In September 2016, HDFC ERGO General Insurance announced that it has completed the acquisition of 100 percent shares of L&T General Insurance Company Limited (L&T Insurance) for Rs 551 crore. L&T Insurance was then renamed as HDFC General Insurance and has been operating as a wholly owned subsidiary of HDFC ERGO.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
