ZURICH INSURANCE GROUP AG
Zurich Insurance set to raise India headcount by 40% in next three years
“India will soon be the world’s third largest economy, the largest working age population, the biggest middle class amongst emerging markets, the strongest route of growth in the G20 for insurance,” Tulsi Naidu, chief executive officer for Asia Pacific, said in an interview.
Have conviction in India story, want to be fully present: Zurich Insurance Group's Tulsi Naidu
Zurich Insurance Group has acquired a 70% stake in Kotak General Insurance, making it the largest foreign investment in the insurance sector and the first stake acquisition by an overseas insurer since the FDI limit was raised to 74% in 2021. The company's CEO, Tulsi Naidu, believes that owning and operating their own business is essential in a significant market like India. The company has considered investing in India for a long time, especially after the liberalisation of FDI rules.
Kotak Bank gets RBI nod to sell 70 pc stake in general insurance arm to Zurich Insurance
In November last year, Zurich Insurance Company announced plans to acquire a 51 per cent stake in Kotak Mahindra General through a combination of capital infusion and share purchase, followed by a subsequent acquisition of an additional stake of 19 per cent within three years from the initial acquisition for Rs 5,560 crore.
Credit Suisse ceases to exist as UBS wraps up takeover
"Today, Credit Suisse AG has been deregistered in the Commercial Register of the Canton of Zurich," UBS said in a statement on Friday. It "has ceased to exist as a separate entity." The merger is an important next step in the task faced by UBS to see through the massive integration of the smaller bank. It is "critical to facilitating the migration of clients onto UBS platforms" and it will "unlock the next phase of cost, capital, funding and tax benefits," CEO Sergio Ermotti said.
Big Funds bet the ‘anything but bonds’ trade is poised to end
US bond investors increase positions in long-dated high-grade corporate bonds, expecting gains from future interest rate cuts. Market attention is on upcoming bond sales and key economic data releases globally. The “anything but bonds trade” may now have run its course and long-duration debt is set for a comeback in the second half.
What the fresh march higher in oil means for world markets
The International Monetary Fund on Tuesday described an "adverse scenario" in which an escalation of conflict in the Middle East would lead to a 15% jump in oil prices and higher shipping costs that would hike global inflation by about 0.7 percentage points. The tightness in oil supplies, and higher prices, has been underpinned by oil producing group OPEC and other big oil producers curbing their output.
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What the fresh march higher in oil means for world markets
Oil prices are up around 16% so far this year near $90 a barrel, with supply worries high given escalating Middle East tensions and tit-for-tat attacks on energy infrastructure between Ukraine and Russia.
Zurich Insurance to buy 70% stake in Kotak arm upfront in amended deal
Zurich Insurance Group will buy a 70% stake in Kotak Mahindra Bank's general insurance arm by paying 55.60 billion rupees (nearly $671 million) upfront instead of staggering the purchase as planned last year, the Indian lender said on Friday.
Steiner AG sells subsidiary Steiner Construction to Demathieu Bard for Rs 928 crore
HCC in a statement said for 2022-23, Steiner Construction posted a turnover of CHF 347 million (Rs 3,076 crore) and was operating 30 projects.
Zurich Insurance to acquire 70% stake in Kotak General
Zurich has agreed to pay ₹4,051 crore for 51% stake including fresh growth capital of up to ₹1,609 crore. The expected date of completion for the sale is June 30, 2024, for acquisition of 51% stake by Zurich and acquisition of an additional stake of 19% within a period of three years.
Kotak Mahindra Bank to sell 51% stake in Kotak General Insurance to Zurich Insurance for Rs 4,051 crore
Kotak Mahindra Bank has sealed a deal with Zurich Insurance, where Zurich will invest Rs 4,051 crore to acquire a 51% stake in subsidiary Kotak General Insurance. This agreement involves a combination of fresh capital infusion and share purchase, with the potential for Zurich to acquire an additional 19% stake within three years of the initial investment.
Zurich Insurance to pick 51% stake in Kotak General Insurance for Rs 4,051 crore
Once Zurich acquires the 51% shareholding in the insurance company, it will cease to be a subsidiary of the bank. The proposed transaction values Kotak General Insurance at approximately Rs 7,943 crore on a post money valuation, subject to customary closing adjustments.
Switzerland may hold vote on plan to nationalise UBS
The initiative proposes to amend the Swiss constitution to say that “large banks of systemic importance are to be managed as joint stock companies with the confederation as majority shareholder in terms of share capital,” according to the paper.
Zurich Insurance eyes $400 million stake in Kotak General Insurance
Zurich Insurance is reportedly in early-stage talks to acquire up to a 51% stake of Kotak General Insurance for roughly $400m, marking its first big gamble on the growing South Asian insurance market. The potential acquisition is valuing the Indian firm at around $800m, according to anonymous sources. Zurich, one of Europe's largest insurers, has reportedly expressed an interest in either a 49% or majority stake in Kotak. India's general insurance market grew 11% in 2021-22, hitting $26.7bn, and is largely considered vastly underpenetrated, with non-life insurance penetration barely hitting 1%, compared with the global average of 4.1%.
Zurich Insurance eyes $400 million stake in general insurance arm of Kotak General Insurance
The stake the Swiss insurer wants to secure will be worth around $400 million. Kotak is still evaluating offers, including from other investors, but it prefers retaining "control of the company" after the stake sale, the first source said.
Nikkei ends at 2-month low as Credit Suisse buyout fails to calm market jitters
Wall Street closed lower on Friday, with three main indexes ended the session deep in negative territory, with financial stocks down the most among the major sectors of the S&P 500.
Two major banks in Europe look to regulators to stem contagion risk
The fallout from the crisis of confidence in Credit Suisse Group AG and the failure of two U.S. banks could ripple through the financial system next week, the two executives separately said.
UBS seeks Swiss backstop in any Credit Suisse deal
The largest Swiss bank is exploring an acquisition of all or parts of its smaller rival at the urging of regulators to halt a crisis of confidence, Bloomberg reported earlier.
Credit Suisse made ''serious breach'' of law: Swiss regulator
Switzerland's financial markets authority, FINMA, said on Tuesday that it has concluded enforcement proceedings opened two years ago against Credit Suisse after bank partner Greensill Capital went bankrupt.
Noida Airport: Over 55,000 sq metre land allotment approved to house CISF
Allotment of over 55,000 sq metre land along the Yamuna Expressway has been approved for housing the Central Industrial Security Force (CISF) personnel who will be tasked with the security of the upcoming Noida International Airport, according to an official statement.
Credit Suisse CEO fights on all Fronts as he faces lost year
Credit Suisse lost an unprecedented 111 billion Swiss francs ($120 billion) worth of assets during the three final months of last year, most of which departed in the run-up to the big strategy announcement on October 27.
Cost of living crisis biggest short-term risk; sustainable climate action long-term: WEF
Releasing its annual Global Risks report in London ahead of its Davos summit next week, the WEF also said geopolitical rivalries and inward-looking stances will heighten economic constraints and further exacerbate both short- and long-term risks.
Cost-of-living crisis biggest global risk: Davos study
Global inflation remains at sky-high levels after energy and food costs rocketed last year following the invasion of agricultural powerhouse Ukraine by major oil and gas producer Russia. Supply constraints caused by the Covid pandemic have also contributed to decades-high consumer prices.
Credit Suisse warns of Q4 loss on 'massive' outflows
Credit Suisse is undergoing a sweeping overhaul that will see its investment bank carved up and greater focus placed on private banking after years of scandals and management missteps. It will seek approval from shareholders later Wednesday for a capital raise of about 4 billion francs and intends to reduce headcount by about 9,000 by 2025.
European shares rise ahead of key data, ECB minutes
As of last close, the region-wide index is up 2.85% for the newly commenced quarter - compared with previous quarter's sharp selloff - due to expectations of less-severe policies by central banks amid mixed set of data from the United States and Europe.
Piramal, Zurich Insurance mull joint bid for Reliance General Insurance
Zurich confirmed that it has made a separate offer to acquire a stake in Reliance General Insurance Company as part of the resolution process under Insolvency and Bankruptcy Code (IBC).
European shares open higher; Aegon leads gains among insurers
The European insurance sector index was up 0.8% in early trading, and was among the top gainers. Zurich Insurance Group also added 1.3% as it reported a better-than-expected rise in operating profit in the first half.
European stocks steady on strong earnings, M&A activity
British insurer Aviva rose 1.8% after it said it would return at least 4 billion pounds ($5.5 billion) to shareholders, while Zurich Insurance Group AG added 2.2% on reporting a 60% jump in first-half business operating profit.
Wealth management sends UBS profits soaring
Pre-tax profits on its wealth management business, the bank's traditional pillar, surged 47 percent from the same period a year ago to $1.2 billion, driven by the good performance of the financial markets and an increase in commissions.
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