6 December 2018Insurance

Prem Watsa’s Fairfax takeover of ITI Reinsurance blocked by regulator: Report

The Insurance Regulatory Authority of India (IRDA) has rejected the proposal of Prem Watsa-owned Fairfax India Holdings to acquire India-based reinsurance firm ITI Reinsurance, according to a December 4 report by the Indian Express.

Prem Watsa is the founder, chairman, and CEO of Fairfax Financial Holdings. An agreement had been signed in June 2018 but after scrutinising the deal, IRDA refused to approve the deal, the report said.

The insurance regulator’s decision is based on the fact that ITI Reinsurance hasn’t done any business in the last two years after obtaining a license in 2016 end and the acquisition deal would have been just a trading of license which is not permitted under the regulations, the report cited undisclosed sources as saying.

Already registered?

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk

More on this story

Insurance

Fairfax appoints interim CFO following sudden death of David Bonham

22 May 2019 Canada-based Fairfax Financial Holdings, the property and casualty re/insurance conglomerate which includes OdysseyRe, Allied World and Brit, has appointed John Varnell to serve as its chief financial officer (CFO) on an interim basis following the sudden and unexpected death of David Bonham this past weekend.

Insurance

Fairfax Financial absorbs Q3 cats to produce solid results

2 November 2018 Fairfax Financial Holdings, which owns a number of re/insurers including Allied World, Brit and Zenith National, posted a solid net profit in the third quarter of 2018 despite exposure to a number of natural catastrophes in the quarter.

Insurance

Fairfax awarded $11m in alleged stock manipulation case

17 October 2018 A jury verdict has awarded property/casualty re/insurer Fairfax Financial Holdings damages of $10.9 million against Exis Capital Management and related Exis companies, Adam Sender and Andrew Heller, according to a corporate statement.

Property looks perma-hard, but never care-free, says Zurich’s Greco

Allstate faces $4.8bn YTD cat losses

Zurich seeks to sidestep US casualty woes with move into mid-market

Optio wraps up acquisition of Dutch and Belgian MGA Den Hartigh

Gallagher snaps up Chile-based retail insurance broker

Ascot lifts internal auditor to new group head role

WTW teams up with Kayna and Vibrant to enhance cybersecurity insurance

Allianz Commercial flags rising nuclear verdicts on loss trends watchlist

Prem Watsa’s Fairfax takeover of ITI Reinsurance blocked by regulator: Report

More on this story

Editor's picks

Editor's picks

More articles