News From Press Impact of HDFC Ergo, L&T Insurance merge

Impact of HDFC Ergo, L&T Insurance merge

Source: Mint Jun 14, 2016

In a board meeting held on 3 June, HDFC Ergo General Insurance Co. Ltd approved the acquisition of L&T General Insurance Co. Ltd. Pending approvals from the Insurance Regulatory and Development Authority of India (Irdai) and the Competition Commission of India, HDFC Ergo will buy 100% stake in L&T Insurance for Rs.551 crore and will subsequently merge the insurer with itself. L&T Insurance is a wholly-owned subsidiary of Larsen & Toubro Ltd; it had launched the insurance company in 2010.

HDFC Ergo, on the other hand, is a 51:49 joint venture between HDFC Ltd and Ergo International AG of the Munich Re group. With the buyout of L&T Insurance, HDFC Ergo will also acquire the insurer’s policyholders and distribution network.

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