 "On a free fall")
HDFC Ergo General Insurance, the insurance arm of mortgage lender HDFC, has acquired L&T General Insurance for Rs 551 crore, the first such consolidation in India's crowded general insurance sector.
The country's insurance market which currently has 29 players in the general insurance space and 24 players in the life insurance space has seen continuous activity with respect to stake sale deals, there have also been cases of complete exit of one partner in the joint venture.
Business Standard gives you a snapshot of similar such deals in the past:
July 2012
Tata AIG rechristened as TATA AIA following exit of American International Group (AIG) from Hong Kong-based insurer AIA Group
January 2013
Exide Industries decides to acquire 50 per cent remaining stake in ING Vysya Life Insurance for Rs 550 crore. Post this, ING exits venture
March 2013
Pantaloon Retail enters into agreement with Industrial Investment Trust Limited (IITL) to sell 22.5 per cent of its stake in Future General India Life Insurance
March 2013
Larsen & Toubro (L&T) and the Future Group sign non-binding term sheet for the merger of L&T General Insurance and Future Generali India Insurance. Post this merger, L&T was to hold 51 per cent stake in the merged entity and 26 per cent will be held by the foreign partner.
However, in April 2014, L&T General Insurance and Future Generali India Insurance decided to call off the venture, due to 'inordinate delay' in finalising the transaction
July 2013
Realty major DLF decided to sell its 74 per cent equity stake in its life insurance joint venture DLF Pramerica Life Insurance to Dewan Housing Finance Limited (DHFL). Later, the company was re-named DHFL Pramerica Life
September 2014
Religare Enterprises said that it was planning to exit from its joint venture, AEGON Religare Life Insurance Company. Aegon Religare Life Insurance has now been renamed Aegon Life after Religare Enterprises sold its entire shareholding in the company, 44 per cent, to Bennett, Coleman and Company, the holding company of the Times Group
