Latest news with #Policybazaar
&w=3840&q=100)
Business Standard
3 days ago
- Business
- Business Standard
PB Fintech sells over 1% stake for ₹920 cr via open market transactions
PB Fintech's co-founders Yashish Dahiya and Alok Bansal divested a little over 1 per cent stake in the company for ₹920 crore through open market transactions. PB Fintech's chief executive Dahiya and Vice Chairman Bansal sold a total of 50.50 lakh shares or 1.09 per cent stake in the company. PB Fintech is the parent of insurtech platform Policybazaar and fintech platform Paisabazar. According to the block deal data on the NSE, Ashish Dahiya offloaded a total of 34 lakh shares in two tranches, amounting to a 0.74 per cent stake in PB Fintech. In addition, Alok Bansal sold 16.50 lakh shares or 0.36 per cent holding in Gurugram-based PB Fintech, as per the data. The combined transaction was valued at around ₹919.86 crore, executed at an average price of ₹1,821.50 apiece. After the stake sale, Dahiya's holding in PB Fintech declined to 3.57 per cent from 4.31 per cent, and Bansal's stake fell to 1.04 per cent from 1.40 per cent. Meanwhile, the shares were picked up by a domestic mutual fund entity, insurance companies, and foreign investors. The entities that purchased stake are Tata Mutual Fund, Edelweiss Life Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, and Mumbai-based Subhkam Ventures. The US-based Ghisallo Capital Management, Citigroup Global Markets Mauritius, Goldman Sachs, Morgan Stanley Asia Singapore, Societe Generale, WFM Asia, System Two Adviso₹and Hong-Kong-based investment manager Viridian AM also bought shares of PB Fintech. Shares of PB Fintech fell 0.53 per cent to settle at ₹1,830 apiece on the NSE. In May last year, Dahiya and Bansal divested a 1.8 per cent stake in PB Fintech for ₹1,109 crore. In Jun 2022, Dahiya offloaded nearly 38 lakh shares of the company for ₹230 crore. In February, Bansal divested over 28 lakh shares of the company for ₹236 crore. PB Fintech came out with its ₹5,710-crore initial public offering in November 2021. The company's co-founders and other shareholders had reduced their stake in the public issue.
Economic Times
3 days ago
- Business
- Economic Times
PB Fintech founders sell over 1% stake for Rs 920 crore
PB Fintech's co-founders, Yashish Dahiya and Alok Bansal, sold a little over 1% stake in the company for ₹920 crore through open market transactions. Dahiya and Bansal offloaded 50.50 lakh shares, reducing their holdings. The shares were acquired by domestic mutual funds, insurance companies, and foreign investors, including Tata Mutual Fund and Goldman Sachs. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi, PB Fintech 's co-founders Yashish Dahiya and Alok Bansal divested a little over 1 per cent stake in the company for Rs 920 crore through open market transactions. PB Fintech 's chief executive Dahiya and Vice Chairman Bansal sold a total of 50.50 lakh shares or 1.09 per cent stake in the Fintech is the parent of insurtech platform Policybazaar and fintech platform Paisabazar According to the block deal data on the NSE, Ashish Dahiya offloaded a total of 34 lakh shares in two tranches, amounting to a 0.74 per cent stake in PB addition, Alok Bansal sold 16.50 lakh shares or 0.36 per cent holding in Gurugram-based PB Fintech, as per the combined transaction was valued at around Rs 919.86 crore, executed at an average price of Rs 1,821.50 the stake sale , Dahiya's holding in PB Fintech declined to 3.57 per cent from 4.31 per cent, and Bansal's stake fell to 1.04 per cent from 1.40 per the shares were picked up by a domestic mutual fund entity, insurance companies, and foreign entities that purchased stake are Tata Mutual Fund, Edelweiss Life Insurance, HDFC Life Insurance , ICICI Prudential Life Insurance, and Mumbai-based Subhkam US-based Ghisallo Capital Management, Citigroup Global Markets Mauritius, Goldman Sachs, Morgan Stanley Asia Singapore, Societe Generale, WFM Asia, System Two Advisors and Hong-Kong-based investment manager Viridian AM also bought shares of PB of PB Fintech fell 0.53 per cent to settle at Rs 1,830 apiece on the May last year, Dahiya and Bansal divested a 1.8 per cent stake in PB Fintech for Rs 1,109 Jun 2022, Dahiya offloaded nearly 38 lakh shares of the company for Rs 230 crore. In February, Bansal divested over 28 lakh shares of the company for Rs 236 Fintech came out with its Rs 5,710-crore initial public offering in November 2021. The company's co-founders and other shareholders had reduced their stake in the public issue.
United News of India
4 days ago
- Business
- United News of India
Galaxy Health Insurance partners with Policybazaar to leverage its extensive pan-India network
Hyderabad, June 24 (UNI) Galaxy Health Insurance, India's youngest health insurer backed by the families of TVS Group and insurance veteran V Jagannathan, on Tuesday announced it has launched its flagship offering – Galaxy Marvel, designed to meet the evolving needs of today's health-conscious society. The Chennai-based company has now partnered with Policybazaar (PB), India's largest insurance distributor, to make Galaxy Marvel available to its present and potential customer base, pan-India. Galaxy Marvel follows the success of the insurer's first flagship product, Galaxy Promise, launched in October 2024, the insurance company said in a release here. Over the past year, the company has expanded its physical footprint across South India, insuring over 2,980 lives in Telangana and 1,750 lives in Andhra Pradesh, supported by a robust network of more than 980 agents in Telangana and 913 in Andhra Pradesh. Commenting on the launch, Galaxy Health Insurance Managing Director and CEO, G Srinivasan, said, '... Understanding the pulse of India, we have introduced Galaxy Marvel – a plan that incentivises wellness by rewarding policyholders for maintaining good health. We are pleased to partner with Policybazaar in making this innovative product accessible to customers across India, thereby supporting deeper health insurance penetration.' PB Fintech Joint Group CEO Sarbvir Singh said, 'Products like Galaxy Marvel are important because they shift the focus from illness to wellness. By linking incentives like wallet credits and premium discounts to healthy behaviour, they not only empower consumers to take charge of their health but also help ease long-term pressure on the healthcare system. It's a smart, timely approach, and exactly the kind of innovation the industry needs more of.' UNI KNR SS
Hindustan Times
6 days ago
- Business
- Hindustan Times
Indian Airlines insurance costs may surge up to 30% after deadly Ahmedabad plane crash
Indian insurance policy sellers expect the cost of coverage for airlines to spike as much as 30% after the deadliest aviation crash in more than a decade. The premium increase is expected to be large, and further loss of aircraft could drive premiums to a record.(REUTERS) Sajja Praveen Chowdary, director at Indian broker Policybazaar, expects premiums for hull, war-risk, and liability coverage to increase by 10% to 30% in the next renewal cycle. Rohit Boda, group managing director at broker Group, predicts a rise of 10% to 25%. Premium hikes of that scale would be larger than previous crashes, given the enormity of the Air India accident, the brokers said. The crash killed 241 on board and dozens on the ground when it smashed into a residential area in the city of Ahmedabad on June 12. In the wake of a crash in South Korea last year that left all but two of the 181 passengers dead, premium increases were in the range of 15% to 18%, according to a UK-based reinsurer. Insurance claims for the Air India crash are expected in the realm of $475 million, including those for the aircraft's hull and engine as well as additional liability for loss of life, Bloomberg News reported earlier. Air India's fleet is insured for about $20 billion in total, with an annual premium near $30 million, according to data from Policybazaar. 'A catastrophe of this scale will contribute to hardening of global rates,' said Chowdary, director at Policybazaar for Business. Globally, crashes accounted for the majority of the $15 billion in aviation claims during the five year period ended 2024, according to a report by Allianz SE. Growth in air travel, fueled by Asia-Pacific and North America, was expected to drive premiums to more than $8 billion, according to the report. The insurance premium increase would be for all airlines, said people familiar with the matter, who asked not to be identified discussing private matters. They added that the impact will be redistributed to airlines across the globe. The premium increase is expected to be large, and further loss of aircraft could drive premiums to a record, the people said.
Mint
6 days ago
- Business
- Mint
Air India Crash Risks Fueling Up to 30% Jump in Insurance Premiums
(Bloomberg) -- Indian insurance policy sellers expect the cost of coverage for airlines to spike as much as 30% after the deadliest aviation crash in more than a decade. Sajja Praveen Chowdary, director at Indian broker Policybazaar, expects premiums for hull, war-risk, and liability coverage to increase by 10% to 30% in the next renewal cycle. Rohit Boda, group managing director at broker Group, predicts a rise of 10% to 25%. Premium hikes of that scale would be larger than previous crashes, given the enormity of the Air India accident, the brokers said. The crash killed 241 on board and dozens on the ground when it smashed into a residential area in the city of Ahmedabad on June 12. In the wake of a crash in South Korea last year that left all but two of the 181 passengers dead, premium increases were in the range of 15% to 18%, according to a UK-based reinsurer. Insurance claims for the Air India crash are expected in the realm of $475 million, including those for the aircraft's hull and engine as well as additional liability for loss of life, Bloomberg News reported earlier. Air India's fleet is insured for about $20 billion in total, with an annual premium near $30 million, according to data from Policybazaar. 'A catastrophe of this scale will contribute to hardening of global rates,' said Chowdary, director at Policybazaar for Business. Globally, crashes accounted for the majority of the $15 billion in aviation claims during the five year period ended 2024, according to a report by Allianz SE. Growth in air travel, fueled by Asia-Pacific and North America, was expected to drive premiums to more than $8 billion, according to the report. The insurance premium increase would be for all airlines, said people familiar with the matter, who asked not to be identified discussing private matters. They added that the impact will be redistributed to airlines across the globe. The premium increase is expected to be large, and further loss of aircraft could drive premiums to a record, the people said. Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here. (Updates with context on South Korea crash in fourth paragraph) More stories like this are available on
