 "ICICI Lombard")
Private-sector general insurers ICICI Lombard and Bharti AXA general insurance have signed definitive agreements to combine their business. The latter’s business is to be demerged into the former’s through a scheme of arrangement under which the shareholders of Bharti AXA would receive two shares of Lombard for every 115 shares held by them.
The combined entity, with an expected market share of 8.7 per cent in the non-life business, would become the third-largest non-life insurer in the general insurance business. The first two spots at present are held by state-owned insurers.
In a statement to exchanges, ICICI Lombard said Bharti AXA’s existing
