Latest news with #PremWatsa
Time of India
4 hours ago
- Business
- Time of India
Jio-Allianz, Fairfax-backed Valueattics Re set to shake up India's Rs 50,000-cr reinsurance market
India's reinsurance sector is set for disruption as Jio-Allianz and Valueattics Re-a JV between Fairfax's Prem Watsa and Kamesh Goyal 's Oben Ventures-enter the market, challenging the dominance of state-run GIC Re in the country's ₹50,000-crore reinsurance business. GIC Re currently has a 51% market share, while the rest is distributed among 11 foreign reinsurance branches. On Friday, Jio Financial Services (JFSL) and Allianz Group (Allianz), through its wholly owned subsidiary Allianz Europe BV, announced they have entered into a binding agreement to form a 50:50 domestic reinsurance joint venture in the insurance market in India. Explore courses from Top Institutes in Select a Course Category Operations Management Technology Product Management Degree CXO healthcare Digital Marketing MBA Design Thinking Data Analytics Project Management Leadership Healthcare PGDM Data Science Public Policy others Data Science Artificial Intelligence Others Finance Cybersecurity Management Skills you'll gain: Quality Management & Lean Six Sigma Analytical Tools Supply Chain Management & Strategies Service Operations Management Duration: 10 Months IIM Lucknow IIML Executive Programme in Strategic Operations Management & Supply Chain Analytics Starts on Jan 27, 2024 Get Details The two companies also entered into a non-binding agreement for setting up equally owned joint ventures for both general and life insurance businesses in India. ET Bureau Regulatory norms such as mandatory cession and order of preference could benefit the new entrants, giving them an edge over other reinsurers. Regulations mandate Indian insurers to cede 4% of each policy to GIC Re. This would be Allianz's third reinsurance entity after its existing branches under the Foreign Reinsurer Branch (FRB) and International Financial Services Centre Insurance Office (IIO) regimes. This proposed company would be an India-incorporated entity with a paid-up capital of a minimum ₹200 crore. While the other two reinsurance entities are focused on speciality reinsurance and certain lines of risks, the third entity, which will be an Indian reinsurer would have a standalone balance sheet and the flexibility to do treaty and facultative reinsurance. GIC Re, the national reinsurer, has long been the anchor of the domestic reinsurance market. In 2023-24, a total reinsurance premium of ₹62,113 crore was collected by Indian reinsurer GIC Re and foreign reinsurance branches (FRBs). About 81% of this business came from within India, which is ₹50,553 crore. Of this Indian business, GIC Re handled around 51%, while the remaining 49% was done by the foreign reinsurance branches including global reinsurers like Lloyd's. Reinsurers operating from within India, like Jio-Allianz and Valueattics Re could get preferential access over cross-border reinsurers in the order of preference mandated by IRDAI. As per IRDAI guidelines, every Indian general insurer must cede 4% of their sum insured on each policy to GIC Re- the Indian reinsurer under compulsory cession rules. While GIC enjoys 4% mandatory cession, this is subject to annual review. Also, reinsurers operating from within India, like Jio-Allianz and Valueattics Re, could enjoy preferential access over cross-border reinsurers in the order of preference mandated by IRDAI. The entry of Jio-Allianz could bring the scale, digital reach, and capital heft of Reliance Industries, while Valueattics Re, headed by Canadian-Indian billionaire Prem Watsa, entered the Indian reinsurance market in March this year and is expected to tap into Fairfax's global expertise and balance sheet strength, further accelerating competition in the domestic landscape.
Hamilton Spectator
3 days ago
- Business
- Hamilton Spectator
Fairfax Issues Reminder Regarding Unofficial Communications
TORONTO, July 17, 2025 (GLOBE NEWSWIRE) — Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) ('Fairfax') reminds its shareholders and all persons interested in Fairfax that none of Fairfax, Prem Watsa, nor any officer of Fairfax provides financial or investment advice to any person over social media, chat or messaging applications. Prem Watsa does not maintain and has never maintained any online social media accounts. Any social media outlet claiming to represent him or to offer advice on his behalf is fraudulent. Impersonation scams are common, and so one should treat any unsolicited electronic communication that references Fairfax or Prem Watsa with extreme caution. We encourage all persons looking for information about Fairfax and Prem Watsa to consult our press releases, annual reports, interim quarterly reports and annual general meeting materials, all of which are available on our website at . Fairfax is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management. For further information contact: John Varnell, Vice President, Corporate Development at (416) 367-4941
Toronto Star
3 days ago
- Business
- Toronto Star
Fairfax Issues Reminder Regarding Unofficial Communications
TORONTO, July 17, 2025 (GLOBE NEWSWIRE) — Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) ('Fairfax') reminds its shareholders and all persons interested in Fairfax that none of Fairfax, Prem Watsa, nor any officer of Fairfax provides financial or investment advice to any person over social media, chat or messaging applications. Prem Watsa does not maintain and has never maintained any online social media accounts. Any social media outlet claiming to represent him or to offer advice on his behalf is fraudulent. Impersonation scams are common, and so one should treat any unsolicited electronic communication that references Fairfax or Prem Watsa with extreme caution.
Yahoo
3 days ago
- Business
- Yahoo
Fairfax Issues Reminder Regarding Unofficial Communications
TORONTO, July 17, 2025 (GLOBE NEWSWIRE) -- Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) ('Fairfax') reminds its shareholders and all persons interested in Fairfax that none of Fairfax, Prem Watsa, nor any officer of Fairfax provides financial or investment advice to any person over social media, chat or messaging applications. Prem Watsa does not maintain and has never maintained any online social media accounts. Any social media outlet claiming to represent him or to offer advice on his behalf is fraudulent. Impersonation scams are common, and so one should treat any unsolicited electronic communication that references Fairfax or Prem Watsa with extreme caution. We encourage all persons looking for information about Fairfax and Prem Watsa to consult our press releases, annual reports, interim quarterly reports and annual general meeting materials, all of which are available on our website at Fairfax is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management. For further information contact: John Varnell, Vice President, Corporate Development at (416) 367-4941
Bloomberg
03-07-2025
- Business
- Bloomberg
Greece's Painful Decade of Rehabilitation Rewards the Believers
In late September 2015, Canadian investor Prem Watsa gathered 75 or so employees and their spouses at Costa Navarino, a luxurious seaside resort in the Peloponnese, to mark his company's 30th anniversary. Greece was perhaps a peculiar choice to fly people in for a celebration. The country had just spent eight months in the global spotlight as a tense standoff with its creditors had pushed it to the brink of a potentially chaotic default and exit from Europe's currency union, the euro. But that year alone, Watsa's firm, Fairfax Financial Holdings, had increased its positions.
