• News by Month

  Select Month February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008 April 2008 March 2008 February 2008 January 2008 December 2007 November 2007 October 2007 September 2007 August 2007 July 2007 June 2007 May 2007 April 2007 March 2007 February 2007 January 2007 December 2006 November 2006 October 2006 September 2006

• News by City

  • Bangalore
  • Chennai
  • Delhi
  • Faridabad
  • Gurgaon
  • Hyderabad
  • Kolkata
  • Mumbai
  • Noida
  • Pune

• News by Category

  • NRI
  • FDI
  • Home Loans
  • Real Estate India
  • Banking and Finance
  • Real Estate Developers

« Finance Ministry clears nine FDI Proposals | Home | Reliance Retail –Wincanton Partnership to Boost Retail »

Flagstone Re to enter Indian Insurance Business

New York Stock Exchange listed Flagstone Re, a multinational reinsurer, plans to enter the general insurance business in India, partnering with domestic financial service providers. Flagstone Re was formed in December 2005, after a significant market dislocation and losses in the industry due to the hurricane. It has a wholly-owned subsidiary in India — Flagstone Underwriting Support Services — doing IT-enabled services and knowledge processing services. It plans to invest around $30 million in the proposed joint venture that would be firmed up in the next few months. The Bermuda-headquartered company expects to leverage on its expertise in underwriting non-life claims to get business if the venture takes off after regulatory approvals. It is looking at a partner with distribution strengths.

“We are talking to a number of people in the financial sector through investment bankers and our own network,” said Flagstone executive chairman Mark Byrne. Mr Byrne said that his company would prefer to enter the market with an equity stake of 49%, but would not wait for the law to change. “We will structure the agreement in such a way that whenever Indian government raises the Foreign Direct Investment cap in insurance, we would be able to raise our stake accordingly,” he said at the inauguration of the 1.5 lakh square feet Flagstone Towers in Hyderabad’s financial district.

News Published Under:   FDI, Real Estate India | No Comments »

Comments

Name (required)   

Mail (required)      

URL