Tell the something about reliance insurance?

Question

Tell the something about reliance insurance?

Answer 1

In June 2000, Reliance Insurance Company stopped writing virtually all new and renewal property and casualty business. On May 29, 2001, Reliance consented to the entry of an Order of Rehabilitation by the Commonwealth Court of Pennsylvania. On October 3, 2001, the Commonwealth Court of Pennsylvania ordered Reliance Insurance Company into Liquidation. Commissioner Diane Koken’s written statement, the court order and other documents regarding Reliance are available on the Insurance Department’s website at www.insurance.state.pa.us. Information about the liquidation process can also be found on the Department's web site. Reliance in Liquidation began mailing proof of claim packets on Friday, January 11, 2002. for inquiries regarding the proof of claim process, visit the Insurance Department's website at www.insurance.state.pa.us.

Answer 2

Jan 3,2006    

RELIANCE General Insurance has received IRDA's nod to set up 17 branches in various cities across the country. Currently, the company has 15 offices.

Apart from opening four new branches in Mumbai and three in Delhi, the company will also spread its network to Nashik, Nagpur, Kolhapur, Solapur, Indore, Rajkot, Coimbatore, Chennai, Hubli, Vizag, Kochi, Gurgaon, Noida, Kanpur, Kolkata and Bhubaneshwar.

The company currently offers 75 insurance products and has plans to introduce new value added products in segments such as travel, health, home, rural, commercial and liability.

Reliance Life buys AMP Sanmar

July 31,2005  

THE Chennai-based Sanmar group today announced the sale of its interests in AMP Sanmar Life Insurance Company to Reliance Life Insurance, a subsidiary of Reliance Capital Ltd (RCL).

An official statement from Reliance Life Insurance said: "The proposed acquisition will mark the immediate entry of RCL into the exciting growth area of life insurance in one of the world's fastest growing and most under-served markets."

RCL already has a subsidiary, Reliance General Insurance Co Ltd, which is present in the non-life insurance business.

AMP Sanmar Life Insurance Company is a joint venture of AMP, Australia and the Sanmar group.

Headquartered in Chennai, it has over 90 offices across the country, 9,000 agents, and more than 900 employees.

The decision to sell the company was taken consequent to AMP's intention to exit the insurance business in India.

The consideration for the deal has not been disclosed.

WhoGain What?

Reliance Capital : entry into life insurance as applying for license will take time .

Taking over AMP Sanmar Life will get Reliance Life a readymade infrastructure and a portfolio.

Sanmar group: going to  get around Rs 300 cr from the sale

AMP : to  exit from Indian operations as it will focus on wealth management business in Newzeland and Australia

Sanmar Said :

Asked about this, the Sanmar group Chairman, Mr N. Sankar, told Business Line that AMP had requested to keep the consideration confidential because of regulatory requirements in Australia. (AMP is a listed company in Australia.)

He added that Sanmar's stake in AMP Sanmar Life was through two investment companies of the group, which in turn are wholly owned subsidiaries of the group holding company, Sanmar Holdings Ltd.

A Sanmar release said that the group had "agreed to co-operate with AMP in selling its interests in the venture."

About this, Mr Sankar said that the Sanmar group had been open to a buyer buying only AMP's stake or the entire equity of the company.

On deploying the funds that come in, Mr Sankar said that group had no plans for any new venture.

"We have four businesses - chemicals, plastics, shipping, and engineering," he said, adding that all the four were growing.

Industry observers said that buying a licence-holding life insurance company makes sense for Reliance because its registration with the IRDA lapsed, as it did not start its business within three years of registration.

It is understood that Reliance Capital has applied afresh for a registration.

In 2003-04, AMP Sanmar issued 46,000 policies and earned premium income of Rs 28 crore.

In 2004-05, the company issued 35,000 policies but earned a premium income of Rs 91 crore.

AMP Sanmar has a capital base of Rs 217 crore and is present in about 80 cities mainly B class