Sunday, April 22, 2018

Three insurers in bidding to buy India’s Star Health

Three general insurers, ICICI Lombard, HDFC Ergo and Bajaj Allianz, are in the bidding to buy Star Health & Allied Insurance, according to sources familiar with the development.

They now join financial services firm and global private equity firm, Hero Fincorp and Warburg Pincus, respectively.

The proposed sale could see India’s biggest standalone health insurer valued at Rs65 billion (US$1 billion).

Based on initial details, the sellers have placed the floor price at Rs55 billion.

Established in 1996, Star Health is currently owned by a group of global and local private equity funds, including Oman-based insurer Oman Insurance Company and Dubai-based conglomerate ETA Trading.

Star Health managing director V Jagannathan also has a minority stake.

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