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R-ADAG in talks to sell a stake in insurance distribution biz to UK co- Indicators-Economy-News-The Economic Times: "NEW DELHI: Reliance ADAG is in talks to sell a minority stake in its insurance distribution business to the UK-based insurance broking firm THB
for Rs 250-300 crore.
A person with direct knowledge of the negotiations said Reliance ADAG is talking to four international firms including Lockton, Howden and Tyser to sell a stake in Standard Composite Insurance Brokers (SCIB), ADAG’s insurance distribution company, but THB is the lead contender for the stake purchase.
A senior executive at an insurance brokerage firm, who is close to the negotiations said: “Reliance Money is looking to build a strong presence in the distribution of reinsurance products and in risk assessment vertical, where it is a small player. It plans to bring in strategic expertise from foreign partners who are specialists in the reinsurance business.” The other big international players in the Indian re-insurance distribution business are Aon Global and Marsh.
THB is an independent UK-based insurance broker, established in 1968. It provides insurance broking, risk management and underwriting services to wholesale and retail clients. The firm, which floated the Alternative Investment Market of London Stock Exchange in 2002, acquired Lloyd’s broking interests last year."
12 January 2009
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1 comments:
This is really good, i keep tracking reliance as me being a trader in reliance money. This is quite interesting aand selling a part of SCIB may just add some more value to the entire scenario- a known UK-based isurance broker may just add to theri presence in the market..i guess there would be something more for all the reliance money users too looking forward to it.
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