General insurance

Bharti AXA’s non-life insurance business to merge with ICICI Lombard General Insurance - The Hindu BusinessLine

Bharti AXA’s non-life insurance business is set to merge with ICICI Lombard General Insurance, in what will end up creating the country’s third largest non-life insurance company. “The board of directors of ICICI Lombard General Insurance Company and Bharti AXA General Insurance Company at their respective meetings held today, approved entering into definitive agreements for demerger of Bharti AXA’s non-life insurance business into ICICI Lombard through a Scheme of Arrangement,” the companies said in a statement on Saturday. Based on the share exchange ratio recommended by independent valuers and accepted by the respective boards of the companies, the shareholders of Bharti AXA will receive...

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Bharti AXA's general insurance business to merge with ICICI Lombard

Bharti AXA’s non-life insurance business will merge with ICICI Lombard ’s general insurance business through a scheme of arrangement, said the companies in a statement to the exchanges. While the financial details were not disclosed, sources said that the deal values Bharti AXA General at around Rs 2,700 crore. Moneycontrol reported about this deal on July 29. Based on the share exchange ratio recommended by independent valuers and accepted by the respective boards of ICICI Lombard and Bharti AXA, the shareholders of Bharti AXA shall receive two shares of ICICI Lombard for every 115 shares of Bharti AXA held by them as on the date on which the scheme is approved by the board. When the...

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ICICI Lombard to acquire Bharti AXA General Insurance; to become 3rd largest player, Deccan Herald

In a major consolidation move in the insurance space, ICICI Lombard General Insurance has announced signing a definitive agreement to acquire Bharti Enterprises-promoted Bharti AXA General Insurance in all stock transaction. The proposed Rs 4,600-crore deal will propel ICICI Lombard General Insurance to become the third largest player among non-life insurers. The board of ICICI Lombard General Insurance "at its meeting held on August 21, 2020, considered and approved a 'scheme of arrangement' amongst Bharti AXA General Insurance (demerged company) and former company and their respective shareholders and creditors", the ICICI Bank promoted non-life insurer said in a late night filing on...

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ICICI Lombard to acquire Bharti AXA General Insurance via share swap deal

ICICI Lombard General Insurance will acquire Bharti Enterprises-promoted Bharti AXA General Insurance through a share swap deal. Bharti Enterprises currently owns a 51 per cent stake in Bharti AXA General Insurance, while French insurer AXA holds 49 per cent. The board of ICICI Lombard General Insurance "at its meeting held on August 21, 2020, considered and approved a 'scheme of arrangement' amongst Bharti AXA General Insurance (demerged company) and former company and their respective shareholders and creditors," the ICICI Bank promoted non-life insurer said in a late-night filing on Friday. The shareholders of Bharti AXA will receive 2 shares of ICICI Lombard for every 115 shares of...

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ICICI Lombard, Bharti AXA to merge general insurance businesses

Promoter ICICI Bank Ltd holds 51.89% stake in ICICI Lombard, while the rest is with the public Photo: (Pradeep Gaur/Mint) ICICI Lombard, Bharti AXA to merge general insurance businesses 3 min read . Updated: 22 Aug 2020, 09:48 AM IST Anirudh Laskar Based on the share exchange ratio recommended by independent valuers, shareholders of Bharti AXA will receive two shares of ICICI Lombard for every 115 shares they hold Mint on 11 August had reported that ICICI Lombard General Insurance, India’s largest private non-life insurer, is in advanced talks to acquire Bharti AXA General Insurance and merge the insurance assets of the two companies. Following board meetings on Friday, a scheme of...

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Covid-19: Health insurance is your best bet against steep medical costs - brand stories - Hindustan Times

Covid-19: Health insurance is your best bet against steep medical costs A health insurance policy will not only make it easier for you to get proper medical facilities, but also save you from emptying your financial reservoirs. brand-stories Updated: Aug 13, 2020 14:29 IST Reliance General Insurance offers a slew of unique benefits as part of its policy, so that you can allay your fears about healthcare in these stressful times(Shutterstock) It’s been a few months since the world woke up to the realization that a pandemic was underway. Although a few countries have managed to flatten the curve, the virus is still raging in India. Pharmaceutical giants are racing against time to...

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Health insurance becomes more affordable - Bajaj Allianz General Insurance announces premium installment options - The Financial Express

With this added facility, the premium installment option can be availed on a monthly, quarterly, half-yearly, and annual basis as per the policyholder’s requirements. Bajaj Allianz General Insurance today announced a premium installment facility available with their health insurance product ‘Health Guard’. Health-Guard insurance policy is available on both individuals as well as family floater basis. With this added facility, the premium installment option can be availed on a monthly, quarterly, half-yearly, and annual basis as per the policyholder’s requirements. Experts say, introducing the option to pay premiums through installments will make health insurance policy more...

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Artificial Intelligence: 3 benefits for the insurance industry, Directors Club® News

As the insurance sector competes to win market share, Henry Jinman at discusses three ways companies can benefit from the power of Artificial Intelligence… The UK general insurance market continues to be fiercely competitive. While the battle for repeat business keeps downward pressure on pricing, a constantly changing regulatory agenda increases costs. Whatever the industry, successful companies know that building a business based on price alone is not sustainable. Customer service is what matters most. It’s a sentiment that is reflected in the latest findings of multinational professional services company Ernst & Young (EY). It claims that non-life insurance companies in...

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ICICI Lombard General Insurance Q1 net profit up 28% - The Hindu BusinessLine

Private sector ICICI Lombard General Insurance posted a robust 28.5 per cent growth in net profit in the first quarter of the fiscal despite sales of life insurance products being impacted across the industry due to the national lockdown. For the quarter ended June 30, 2020, it registered a net profit of ₹398.1 crore against ₹309.81 crore a year ago. The net premium earned was also higher by 3.5 per cent at ₹2,323.84 crore in the April to June quarter versus ₹2,244.89 crore a year ago. However, gross written premium was down 4.67 per cent in the first quarter of the fiscal at ₹3,394.21 crore when compared to ₹3,560.66 crore in the same period a year ago. Gross Direct Premium Income (GDPI)...

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Chubb Appoints Tim Stapleton to Lead Financial Lines for Company's International General Insurance Business

"Tim is a highly experienced financial lines executive with excellent technical underwriting and leadership skills," said Mr. O'Donnell. "I'm looking forward to working with him as we grow Chubb's international financial lines presence and capability." "Chubb has earned a reputation as a leader in financial lines underwriting globally with a deep pool of talented executives across the world," said Juan Luis Ortega, Executive Vice President, Chubb Group and President, Overseas General Insurance. "That is evident today as Tim assumes this leadership role. I am confident his deep understanding of our clients' needs will help ensure the future profitable growth of this practice." Mr. Stapleton...

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