Hat Tip:Deepak Mohoni
Categories
Category: Excerpts
Categories
Superb insight from Jeff Bezos
Source:Safal Niveshak
(Disclosure:I am market making in the shares of ICICI Pru Life)
British insurer and asset manager Standard Life plc (SL.L) said on Friday that it is seeking approval from Indian regulatory authorities to increase its stake in India’s HDFC Standard Life Insurance Company Ltd.
Standard Life is seeking an increase in stake from 26 percent to 35 percent for a total consideration of about 169 million pounds ($264.45 million).
The company would be seeking approval from India’s Competition Commission of India, The Foreign Investment Promotion Board and the Insurance Regulatory and Development Authority of India following the passing of the Insurance Laws (Amendment) Act 2015 by the Indian Parliament.
The law will shake up India’s overcrowded life insurance sector, allowing global insurers such as Britain’s Prudential (PRU.L) — which holds a minority stake in India’s biggest private life insurer ICICI Prudential Life — and others to increase their Indian stakes.
The legislation could also pave the way for HDFC Life to move ahead with a planned listing of the company.-from Reuters
Categories
ICICI Lombard scores over HDFC Ergo
(Disclosure:I am market making in the shares of ICICI Lombard)
Given the stringent criteria set forth by national carrier Air India while inviting technical bids, a consortium of four state owned non-life insurers and private insurer ICICI Lombard General Insurance Company have qualified for providing insurance cover to it. Theseinsurers will have to submit financial bids by next month. Private insurer HDFC Ergo General Insurance failed to qualify for the technical bidding. The four state owned non-life insurers namely New India Assurance, Oriental Insurance, United India Insurance and National Insurance Company bid as a consortium. Unlike previous years where private and public sector general insurers formed separate groups to bid, and the overall group’s financial strength was evaluated, this time, the national carrier developed a detailed score system to evaluate each insurer’s financial strength.
“We were asked to submit details including networth, investments, assets under management, liquid assets, gross premium underwritten, market share, retention capacity, solvency margin. On every parameter, an insurer was given a score. Till last year, the overall score of a consortium (of insurers) was counted. But this year they said that the average score of a consortium would be counted. So the average score of ICICI Lombard would fall if another private insurer’s score is less. Therefore ICICI Lombard did not bid in a consortium with HDFC Ergo General Insurance but bid alone,” an industry official tod Financial Chronicle.
A senior official of HDFC Ergo General Insurance confirmed that the insurer has failed to qualify for the technical bidding. The airlines will now be sharing information on passenger growth they are projecting, growth in fleet size etc. Insurers would be appointing brokers to conduct road shows in the overseas reinsurance market. The financial bids have to be done by September said another insurance official.
Air India insurance policy is the country’s largest aviation policy and is due for renewal on October 1.-from DigitalFC