Mumbai: For the first time, private sector general insurance companies, led by ICICI Lombard General Insurance, have bagged 20% of Air India's insurance renewal for 2007-08. The $4 billion insurance deal has also seen the premium fall by almost 40%, to $9 million, at the time of the renewal.
The four public sector general insurance companies, led by New India Assurance, managed to hold onto 80% of the transaction.
The other private sector general insurance companies partnering ICICI Lombard in the deal are Bajaj Allianz General Insurance, Reliance General Insurance and Iffco Tokio General Insurance.
The deal has been re-insured by a consortium of London-based reinsurers, led by Ace, AIG and Global Space.