May 25, 2017 11:42 AM ET

Insurance

Company Overview of ICICI Lombard General Insurance Company Limited

Company Overview

ICICI Lombard General Insurance Company Limited provides various general insurance products and services in India. The company’s products include business solutions, such as burglary, industrial all risk, all risk, consequential loss, electronic equipment, fidelity, fire and special perils, tea crop, marine export import, machinery, boiler, and inland transit insurance; and project solutions, including contractors’ all risk, contractors’ plant and machinery, erection all risk, and performance guarantee insurance solutions. Its products also comprise liability solutions comprising director’s and officers liability, event insurance, product liability, public liability, workmen’s compensation, ...

ICICI Lombard House

414, Veer Savarkar Marg

Near Siddhi Vinayak Temple

Prabhadevi

Mumbai,  400025

India

Founded in 2000

Phone:

91 22 6196 1100

Fax:

91 22 6196 1323

Key Executives for ICICI Lombard General Insurance Company Limited

Chief Executive Officer, Managing Director and Director
Age: 50
Chief Financial Officer and Chief Risk Officer
Head of Operations, Technology and Telesales
Chief Marketing Officer of Wholesale and Executive Director
Chief Marketing Officer of Retail and Executive Director
Age: 45
Compensation as of Fiscal Year 2016.

ICICI Lombard General Insurance Company Limited Key Developments

ICICI Lombard Seeks For IPO In 2017

ICICI Lombard General Insurance Company Limited has begun preparing for an Initial Public Offer (IPO) of equity. This could be the first such by a private general insurer. It has begun discussion with investment bankers and aims to hit the market in the second half of this financial year, said two people familiar with the matter. The issue size is expected to be between INR 35 billion and INR 45 billion. ICICI Lombard is a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings. The IPO will enable the shareholders to monetize their holdings. Fairfax, with 35% in the venture, could divest its stake.

ICICI Lombard General Insurance Company Reports Earnings Results for the Fourth Quarter and for the Fiscal 2017

ICICI Lombard General Insurance Company reported earnings results for the fourth quarter and for the fiscal 2017. For the quarter, the company’s profit after tax was INR 1,800 million compared to INR 1,190 million in fourth quarter of fiscal 2016. For the year, the company’s gross written premium increased by 32% from INR 82,960 million) in fiscal 2016 to INR 109,600 million in fiscal 2017. The profit after tax was INR 7,020 million in fiscal 2017 compared to INR 5,070 million in fiscal 2016.

Warburg Reportedly In The Lead To Buy Part Of Prem Watsa's ICICI Lombard Stake

Warburg Pincus LLC is reportedly the frontrunner to acquire a minority stake in Indian insurer ICICI Lombard General Insurance Company Limited from Prem Watsa's Fairfax Financial Holdings Ltd. Toronto-based Fairfax, which owns 35% of ICICI Lombard, is reportedly looking to sell a little more than a quarter of the company for as much as $1 billion. Warburg was selected alongside The Carlyle Group LP (NasdaqGS:CG) and Singapore's Temasek Holdings (Private) Limited to submit final bids for the stake last month. Talks between Warburg and Fairfax are ongoing and may still fall apart. Representatives for Carlyle, Temasek, ICICI Bank and Warburg Pincus declined to comment. Representatives for Fairfax didn't respond to requests for comment.

Recent Private Companies Transactions

Type
Date
Target
Private Placement
January 11, 2017
FINO PayTech Limited
 

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