Health insurer Niva Bupa files IPO papers to raise up to Rs 3,000 crore

Indian health insurer Niva Bupa has filed for an initial public offering (IPO) to raise up to Rs 3,000 crore (nearly $360 million), draft papers showed on Monday.  The company, majority owned by British United Provident Fund (Bupa), said it will issue fresh shares worth up to Rs 8 crore as part of the offering. … Read more

Zurich completes 70% stake acquisition in Kotak General Insurance

Zurich Insurance has completed acquiring 70% stake in Kotak Mahindra General Insurance (KMGI). KMGI was stablished in 2015 as a fully owned subsidiary of Kotak Mahindra Bank (KMB). KMB held 100% equity of the Rs 875-crore paid up capital of KMGI as of March 2024. The deal, which is the largest foreign investment in India’s … Read more

ICICI Lombard promotes Sanjeev Mantri as MD & CEO

Bhargav Dasgupta, the current MD & CEO has resigned and will hold office till November 30, 2023. He is joining as Vice President of the Asian Development Bank. Sanjeev Mantri is also an ICICI veteran and has been with the group for more than 20 yrs across businesses. Prior to ICICI, he had spent 8 … Read more

Narayana eyes insurance

Narayana Hrudayalaya (NH) is in discussions with the regulator (IRDAI) to get into the health insurance business. The plan is to sell a bundled health insurance package that proposes to offer comprehensive care from outpatient consultations to ordering medicines, to health check-ups, diet, physiotherapy and surgeries. In an interview to ET, Viren Shetty, executive vice-chairman … Read more

ICICI bank approves making Lombard a subsidiary again

(In insurance ventures, banks can hold either less than 30% or more than 50% in accordance with the Reserve Bank of India guidelines.) ICICI Bank (the bank) currently holds 48.02% stake in ICICI Lombard (Lombard). Originally, the plan of ICICI bank was to reduce this stake to 30% for which RBI had allowed the bank … Read more

Launch insurance products for the disabled, mentally unwell: Irdai

Regulator Irdai has asked general and standalone health insurers to offer a specific cover for Persons with Disabilities (PWD), persons afflicted with HIV/AIDS, and those with mental illness. In a circular, the Insurance Regulatory and Development Authority of India (Irdai) asked the insurers to determine the price of the product in line with the IRDAI … Read more

buffett: Warren Buffett deepens insurance exposure with $11.6 billion Alleghany deal

Warren Buffett‘s Berkshire Hathaway has struck an $11.6 billion deal to buy Alleghany Corp, the owner of reinsurer TransRe, just weeks after the 91-year-old billionaire bemoaned the lack of good investment opportunities. Alleghany adds to Berkshire’s already large insurance portfolio, which includes Geico auto insurance, General Re reinsurance and a unit that insures against major … Read more

Something seems to be wrong with ICICI Lombard

I have a ICICI Lombard Car insurance policy coming up for renewal. and here is my experience – Tried renewing it on ICICI Lombard’s website and it was just not responding. I tried for straight two days. Tried to do it on Coverfox – ICICI Lomard’s quoted premium was 3x of others I didn’t bother … Read more