Religare Enterprises to acquire MyInsuranceClub to expand into insurance distribution
New Delhi: Financial services company Religare Enterprises Ltd (REL) has signed a Share Purchase Agreement for the proposed acquisition of insurance web aggregator MyInsuranceClub (MIC) from iGear Holdings Private Limited, a part of The Indian Express Group, according to a company statement.
Announcing this on Wednesday, Religare Group said that the proposed acquisition of MIC (www.myinsuranceclub.com), which is subject to regulatory approvals, is in line with the group’s strategy to further the growth of the insurance business and emerge as a stronger insurance player.
REL, a Core Investment Company (CIC), is a diversified financial services company.
It offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, Affordable Housing Finance, Health Insurance and Retail Broking.
MIC is the first IRDAI approved web insurance distribution and comparison platform. It helps customers by offering a comparison of best insurance products available across India, said the statement.
“The proposed acquisition will serve as a crucial step for Religare Group in its vision to become a 360-degree financial services conglomerate,” said the statement.
Commenting on the proposed acquisition Dr Rashmi Saluja, Executive Chairperson, Religare Enterprises said, “Religare Group has been seeding new businesses through disruption, technology intervention, capital infusion and introduction of a good corporate governance framework. Under the strategy, we are delighted to onboard MIC as a key segment of our financial services business post all regulatory approvals.
With this proposed acquisition, the Religare Group will strengthen its insurance offerings, making them available for masses, Saluja said. “The transition of MIC will not only propel the company into the next growth phase but will also prove to be a step towards digital evolution.”
Commenting on the transaction Anant Goenka, Executive Director, The Indian Express Group said, “The business of MIC is aligned with offerings of the Religare Group. Hence, it is our belief that Religare will be a perfect home for this business. The Group’s management and its charismatic leadership, its experience in financial services space, and the growth strategy make the proposed acquisition a perfect move towards a new beginning.”