In an unprecedented move, the insurance regulator IRDAI on Wednesday has directed Anil Ambani's Reliance Health Insurance Company (RHICL) to shut down its operations with immediate effect and transfer the entire policyholders’ liabilities along with financial assets to its sister company Reliance General Insurance Co. (RGICL) with effect from 15th November, 2019. Future group which has wanted to exit the insurance space might have finally found a buyer in Reliance General. The bids were invited for all or part of RCL's stake in subsidiaries Reliance General Insurance, Reliance Nippon Life Insurance Company, Reliance Securities, Reliance Financial Limited and Reliance Asset Reconstruction. Note that your comment may be edited or removed in the future, and that The merger of the three general insurance companies — National Insurance Company (NIC), United India Insurance and Oriental Insurance Company — … insuranceNEWS.com.au is a free online daily news bulletin for Australia's general insurance industry and the wider financial services community. Reliance General Insurance Blogs, Comments and Archive News on Economictimes.com Stocks in the news: HDFC, Larsen & Toubro, JSPL, Sun Pharma and SBI, Supreme Court finds no infirmity in clearances granted to build new Parliament, When Deep Kalra almost sold MakeMyTrip for $10 million, FMCG & pharma stocks can outperform banks for the next 3 years, UK PM Boris Johnson cancels India visit, citing need to oversee virus response, Covid-19 is the X factor in legal battle between wealthy exes. Articles on general insurance, Complete Coverage on general insurance ETBFSI.com brings the latest Insurance news, online Insurance information, views & updates. For reprint rights: Bird flu detected in the ducklings in Kerala, World’s top sugar trader expects 2 years of shortages, India reports 18,088 new cases, 264 deaths, D-Mart’s Radhakishan Damani set to acquire 8-acre Thane plot from Mondelez, Invesco India Largecap Fund Direct-Growth, Serum, Bharat Biotech jointly pledge for smooth vaccine roll out. Industry sources suggest that Anil Ambani led Reliance General may merge with Kishore Biyani led Future Generali. IRDA releases norms for merger of general insurance companies - Regulator IRDA today proposed to allow mergers and acquisitions in the general insurance business that requires consolidation among the 24 industry players, most of which are loss-making. Nippon has merged or acquired several insurance and asset management companies across Asia Nippon Life Insurance raises stake in Reliance Nippon Asset Management to 54% 21 Aug, 2019, 04.47 PM IST The mandatory open offer tendering period was from July 23 … A second person involved in the process confirmed that top global firms have expressed interest but also added that the process is still in its inital stages and serious bidders can only be made out after the financial bids are received. European Reliance General Insurance Co. SA published this content on 01 December 2020 and is solely responsible for the information contained therein. Get online news from the Indian Insurance industry. Reliance General Insurance is reportedly in talks with funds and strategic investors to sell 100% stake in the company owned by debt-ridden Anil Ambani, reported Economic Times (ET) on Thursday. Watch now | India's premier event for web professionals, goes online! The merger of National … Talks between Hero FinCorp, the retail lending unit of Hero MotoCorp, and Reliance Capital are at a final stage for Hero FinCorp to buy Reliance General Insurance at Rs 6,000 crore valuation, The Economic Times reported, citing several people aware of the discussions. Join financial experts to secure your golden years with early planning. Let's reshape it today, Hunt for the brightest engineers in India. Future may exit the general insurance business thereby making way for Reliance to take over its place in the joint venture. Future group which has wanted to exit the insurance space might have finally found a buyer in Reliance General. Buy/Renew Car insurance, Two Wheeler/Scooter insurance, Health insurance, Travel insurance, home insurance & other Insurance products offered by ICICI Lombard is also reportedly in merger talks with RGI. "Reliance Industries announced a consolidation of its media and distribution businesses spread across multiple entities into Network18," the statement said. Reliance General … EUROPEAN RELIANCE GENERAL INSURANCE COMPANY S.A. : Financial news and information Stock EUROPEAN RELIANCE GENERAL INSURANCE COMPANY S.A. | Athens Stock Exchange: EUPIC | Athens Stock Exchange SBI Capital Market and JM Financial are helping the Anil Ambani-owned company in this asset monetisation plan, which was launched last Saturday. Reliance General Insurance is one of the leading insurance companies in India. New Delhi: The government aims to complete merger of three state-owned general insurance companies -- National Insurance Co Ltd, United … According to media reports, the long pending merger between Reliance General Insurance and Royal Sundaram Alliance has hit a roadblock. Though former Finance Minister Arun Jaitley had announced their merger in his Budget speech 2018-19, there was hardly any momentum in its implementation. CCI approves Nippon Life Insurance's acquisition of up to 75 pc stake in RNAM Upon invocation of pledge by Trustee Reliance Capital announced that the company's shareholding in its wholly owned subsidiary, Reliance General Insurance Company has been transferred on 19 November 2019 to IDBI Trustee Services, upon invocation of pledge by the Trustee. insuranceNEWS.com.au features local, corporate, regulatory and government, financial While some of the GDP fall can be attributed to the Covid, the situation was already in decline. A quarter of a century after Independence, India began the experiment of consolidating its general insurance companies to underpin the growth of a largely government-owned, capital intensive industry. The plan has a policy period of one year and the waiting period is for 15 days before one can claim against the policy, according to a statement by the company. Reliance Capital Ltd. has canceled the sale of its Reliance General Insurance Ltd. to Hero Fincorp.Thus, leading Anil Ambani to look for alternatives as he tries to reduce debt. Copyright © 2021 Bennett, Coleman & Co. Ltd. All rights reserved. Registered & Corporate Office: Reliance Centre, South wing, 4th Floor, Off Western Express Highway, Santacruz (East), Mumbai – 400055 Latest general insurance News and Updates, Special Reports, Videos & Photos of general insurance on The Hindu BusinessLine. And Reliance may eventually merge the two non-life insurance ventures into one retaining Generali as the foreign arm. Furthermore, analysts have not forecasted a … The Insurance gift card comes with a validity of 6 months. Tomorrow is different. 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