Prem Watsa’s Fairfax takeover of ITI Reinsurance blocked by regulator: Report
The Insurance Regulatory Authority of India (IRDA) has rejected the proposal of Prem Watsa-owned Fairfax India Holdings to acquire India-based reinsurance firm ITI Reinsurance, according to a December 4 report by the Indian Express.
Prem Watsa is the founder, chairman, and CEO of Fairfax Financial Holdings. An agreement had been signed in June 2018 but after scrutinising the deal, IRDA refused to approve the deal, the report said.
The insurance regulator’s decision is based on the fact that ITI Reinsurance hasn’t done any business in the last two years after obtaining a license in 2016 end and the acquisition deal would have been just a trading of license which is not permitted under the regulations, the report cited undisclosed sources as saying.
