GICs want consultant for merger plan
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.