HDI-Gerling takes 26% stake in Indian Magma ready for FDI increase
German insurance company HDI-Gerling has paid four times premium on Rs26 crore for its 26% stake in Indian firm Magma HDI General Insurance Co with a commitment of raising the holding to 49% when the government allows it.
The two-way joint venture between HDI and Magma Fincorp will start operations with Rs208 crore capital while Rs100 crore is the paid up capital. Both partners have invested proportionately towards the
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Regulation
Aviva issues response to DLG fine
Aviva has issued a statement in response to Direct Line receiving a £10m fine from the Prudential Regulation Authority for a Solvency II miscalculation.
Direct Line fined £10.6m for solvency miscalculation
The Prudential Regulation Authority has fined Direct Line Group £10.6m after it miscalculated its Solvency II balance sheet during 2023 and 2024.
FCA and PRA turn spotlight on MGA oversight
The Financial Conduct Authority and Prudential Regulation Authority are sharpening their scrutiny of managing general agents, stressing insurers must take primary responsibility for businesses underwriting on their behalf.
FCA names Brewis replacement
The Financial Conduct Authority has hired Chris Knight as director of insurance.
Which? warns insurers are failing storm-hit homeowners
Insurers have been accused by Which? of shirking their responsibilities for paying out policyholder's claims when their houses suffer damage due to storms and other extreme weather events.
From admin temp to CEO: One woman's journey and lessons
Suneeta Padda, CEO of Padda Consulting, reflects on her path from temp admin to CEO, juggling family, regulation, and building a thriving consultancy while championing fairness and opportunity.
Katharine Braddick to succeed Woods at PRA
Katharine Braddick CB has been named the next deputy governor for Prudential Regulation at the Bank of England and CEO of the Prudential Regulation Authority.
FCA’s tech request and my less than ‘appy’ experience
Editor’s View: The Financial Conduct Authority is calling for more insurers to test their tech through the regulator’s sandboxes but if Emma Ann Hughes’ clunky app experience is anything to go by, the sector may need to fix the basics first before chasing innovation.