ZURICH INTL TO DIVEST 20% IN INDIAN ARM WITHIN 3 YEARS
Article Abstract:
Zurich Insurance has agreed to divest 20 percent stake in its 100 percent subsidiary to an Indian company within three years. As per its agreement with the Government of India, the company will limit its activities to risk engineering services, company staff training in risk elimination and pay-roll and balance sheet management. The government has barred Zurich Insurance from entering life and general insurance sector. It has to obtain the approval of the Foreign Investment Promotion Board to undertake further downstream activities. (gsh)
Comment:
Agrees to divest 20% stake in its 100% subsidiary to an Indian company within three years
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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`ALL FOUR GIC OUTFITS SHOULD BE MERGED INTO PARENT'
Article Abstract:
The outgoing chairman of the General Insurance Corporation of India (GIC), Mr KC Mittal, has opined that the four GIC subsidiaries should be merged with the parent corporation. The subsidiaries are National Insurance Company, New India Assurance Co, Oriental Insurance Company and United India Insurance Co. The merger is expected to pool the manpower, skills, funds and resources of the four companies and enable GIC to compete with global insurance giants. (gsh)
Comment:
Outgoing chairman has opined that the four GIC subsidiaries should be merged with the parent corporation
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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GIC PLANS TO CUT RELIANCE ON GLOBAL REINSURANCE
Article Abstract:
General Insurance Corporation of India (GIC) in association with the Ministry of Finance is chalking out plans to increase its retention of under-writing risks by bringing down its dependence on overseas re-insurance. GIC's capacity to assimilate risk has increased with the steady rise in its net worth over the years. With higher retention GIC can save on foreign exchange which has to be paid in the form of reinsurance premium. (gs)
Comment:
General Insurance Corporation of India (GIC) in association with the Ministry of Finance is chalking out plans to increase its retention of under-writing risks by bringing down its dependence on overseas re-insurance.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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