News Life and Health23 May 2018

India:M&A deals brewing in insurance sector

23 May 2018

Several insurance M&A deals are currently being negotiated, involving names like Star Health & Allied Insurance, IDBI Federal Life Insurance, Royal Sundaram General Insurance, IndiaFirst Life Insurance and Policybazaar.

The insurers have been in discussions with various suitors for months now, reports Financial Chronicle.

Among the potential deals, private equity giant Warburg Pincus has emerged as the front runner to buy Legal and General Group’s 26% stake in IndiaFirst Life Insurance, according to an article in Livemint. The transaction is valued at close to $150 million. IndiaFirst is a joint venture between Bank of Baroda, which owns a 44% stake, Andhra Bank, which holds 30%, and Legal and General.

Meantime, around 12 bidders have shown interest in buying a stake in Star Health, and the bids are being evaluated. The promoters and investors are interested in selling the entire stake in the company and welcome a new set of investors.

Similarly, IDBI Federal Life, which is put up for sale by parent IDBI Bank, has attracted several suitors. IDBI Bank owns 48% of the insurer which has a strong bancassurance channel.


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