Mumbai: Fairfax Financial Holdings Ltd, Warburg Pincus LLC and General Atlantic LLC have joined the race to buy Legal and General Group Plc’s 26% stake in IndiaFirst Life Insurance Co. Ltd, two people aware of the development said. IndiaFirst is a joint venture between Bank of Baroda Ltd, which owns a 44% stake, Andhra Bank, which holds 30%, and Legal and General. Warburg Pincus, General Atlantic and Ambit spokespersons declined to comment while mails sent to Legal and General and Fairfax were not answered till press time. Last year saw the listing of two life insurance firms—SBI Life Insurance Co. Ltd and HDFC Standard Life Insurance Co. Ltd. Last year saw four $1 billion plus insurance IPOs—General Insurance Corp. of India (Rs11,175 crore), New India Assurance Co. Ltd (Rs9,466.9 crore), HDFC Standard Life Insurance Co. Ltd (Rs8,695 crore) and SBI Life Insurance Co. Ltd.

Source: Mint February 05, 2018 18:00 UTC