Fairfax will need to sell 25% in ICICI Lombard for second licence
Friday, March 10, 2017, 4:54 PM
Prem Watsa-owned Fairfax may have to reduce its stake in ICICI Lombard to get a second license in the general insurance segment, the Insurance Regulatory and Development Authority, IRDA said. As per law, they can promote only one insurance company. as an investor, they can continue with less than 10% stake." Fairfax will have to sell 25% in ICICI Lombard.