homefinance News

Regulator rejects Prem Watsa's proposal to buy ITI Reinsurance, says report

Regulator rejects Prem Watsa's proposal to buy ITI Reinsurance, says report

Regulator rejects Prem Watsa's proposal to buy ITI Reinsurance, says report
Profile image

By CNBC-TV18 Mar 12, 2019 9:42:50 AM IST (Published)

The insurance regulator has rejected Fairfax CEO Prem Watsa's proposal to buy ITI Reinsurance, The Economic Times reported.

The insurance regulator has rejected Fairfax CEO Prem Watsa's proposal to buy ITI Reinsurance, The Economic Times reported.

Recommended Articles

View All

ITI Reinsurance is owned by Sudhir Valia, brother-in-law of Sun Pharma cofounder Dilip Shanghvi.
The Insurance Regulatory Authority of India (Irda) said that ITI Reinsurance’s licence demands a five-year lock-in during which the company's shares can’t be sold, people with knowledge of the matter told the newspaper.
Watsa, a keen investor in India’s financial services, is likely to be asked to apply afresh if he wants to still pursue business in the sector, the sources added.
Watsa-promoted Digit Insurance had filed the application with Irda to buy ITI Reinsurance from Valia’s Fortune Financial Services last year.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng