Dozen bidders eye purchase of Star HealthNovember 27 2017 by InsuranceAsia News Staff
Twelve bidders, including financial as well as strategic investors, have joined the fray to buy Chennai-based Star Health and Allied Insurance from its private equity owners.
According to livemint.com, the investors who have submitted bids include homegrown PE fund Kedaara Capital Advisors; PremjiInvest, Singapore’s Temasek Holdings; Carlyle Group; Bain Capital and Warburg Pincus.
The bidders and strategic investors also included HDFC Ergo General Insurance, ICICI Lombard General Insurance and Hero FinCorp, among others.
A source further said that Kotak Investment Bank has been hired by investors to find a suitable buyer.
According to the source, some of the bids submitted range from US$850 million to US$1 billion.
Star Health and Allied Insurance was established in 2006 and is deemed the biggest independent health insurer in India.
- June 22
Costs in Asia are set to rise significantly as affordability is threatened by ageing populations and sedentary lifestyles.
- June 8
Asia is suffering from an epidemic of diabetes, but products aimed at reversing diagnoses are entering the market.
- April 27
The Chinese insurer has taken part in a US$150 million funding round for Innovent Biologics.
- April 26
Of the 1,389 health insurance societies, more than 60% are expected to end the fiscal year in the red.