GICs want con­sul­tant for merger plan

Banking Frontiers - - Project Pipeline -

The 3 pub­lic sec­tor gen­eral in­sur­ance com­pa­nies (PSGICs), which are pro­posed to be merged to form a sin­gle en­tity, are look­ing for a con­sul­tant to ad­vise them on the merger. The 3 in­sur­ance com­pa­nies are the Na­tional In­sur­ance Com­pany< the Ori­en­tal In­sur­ance Com­pany and the United In­dia In­sur­ance Com­pany. These en­ti­ties have to­gether have more than 200 in­sur­ance prod­ucts with a to­tal pre­mium of `451.26 bil­lion and a mar­ket share of around 35%. They have to­gether 42,000 em­ploy­ees and 5700 Of­fices. The PSGICs want a pro­fes­sional con­sult­ing firm hav­ing ex­pe­ri­ence of at least 5 years for pro­vid­ing ad­vi­sory ser­vices for M&A trans­ac­tions in in­sur­ance / BFSI sec­tor. The se­lected con­sul­tant would be re­spon­si­ble for de­sign­ing, guid­ing and en­sur­ing the im­ple­men­ta­tion of all as­pects re­quired for suc­cess­ful com­ple­tion of the merger / amal­ga­ma­tion, in­clud­ing plan­ning all as­pects of the merger / amal­ga­ma­tion, pre­sent­ing it for ap­proval of the PSGICs and upon ap­proval, en­sur­ing the ef­fec­tive im­ple­men­ta­tion of the same.

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