Tag: Reinsurance

  • Himalayan Reinsurance Limited Announces IPO for 2.49 Million Units with Robust Promoter Support

    Himalayan Reinsurance Limited Announces IPO for 2.49 Million Units with Robust Promoter Support


    Himalayan Reinsurance Limited is set to launch its initial public offering (IPO) with the issuance of 2,49,00,000 unit shares starting from 27th Mangsir, 2080. The early closing date for this IPO is on the 1st Poush, with the possibility of extension up to the 11th Poush, 2080, if the subscription is not fully met. Out of the total 3,00,00,000 units, 10% (30,00,000 units) have been allocated to Nepalese citizens working abroad, 2% (6,00,000 units) for the company’s employees, and 5% (15,00,000 units) for mutual funds. The remaining 2,49,00,000 units are reserved for the general public, priced at Rs. 206 per share (Rs. 100 face value + Rs. 106 premium).

    NMB Capital Limited is designated as the issue manager, and interested investors can apply for a minimum of 10 units and a maximum of 3,00,000 units. ICRA Nepal has affirmed an issuer rating of [ICRANP-IR] A- to Himalayan Reinsurance Limited, indicating a satisfactory level of safety in terms of timely financial obligation servicing, signifying a low credit risk.

    Himalayan Reinsurance Limited, established in 2021, is Nepal’s second reinsurance company and operates in both the Life and Non-Life insurance sectors. The company’s IPO involves prominent promoters, including Golchha Group, Shanker Group, Infinity Holdings, Lucky Group, Ramesh Corp, Shiv Shakti Group, and other influential business entities. The IPO represents a significant milestone for the company and provides an opportunity for the public to participate in its growth.

     

  • Prabhu Insurance Initiates Auction of 19,79,424 Promoter Shares of Nepal Reinsurance Company Limited

    Prabhu Insurance Initiates Auction of 19,79,424 Promoter Shares of Nepal Reinsurance Company Limited


    Prabhu Insurance Limited has initiated an auction for 19,79,424 units of promoter shares belonging to Nepal Reinsurance Company Limited (NRIC). The auction period is set to run from the 19th to the 26th of Mangsir, 2080.

    During this auction, the specified 19,79,424 units of promoter shares of Nepal Reinsurance Company Limited will be available for bidding. Interested promoter shareholders or institutions are invited to participate, with a minimum bid rate of Rs. 280. The bidding parameters for promoters’ shares include a minimum bid quantity of 10,00,000 units and a maximum bid quantity of 19,79,424 units.

    Prabhu Capital Limited is overseeing the auction process as the auction manager. At the time of this report, Nepal Reinsurance Company Limited (NRIC) has a Last Traded Price (LTP) of Rs. 610.

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  • Himalayan Reinsurance Announces IPO for Nepalese Citizens Abroad, Aiming to Raise Rs. 61.8 Crores

    Himalayan Reinsurance Announces IPO for Nepalese Citizens Abroad, Aiming to Raise Rs. 61.8 Crores


    Himalayan Reinsurance Limited has announced its plans to issue an Initial Public Offering (IPO) aimed at Nepalese citizens working abroad. The company intends to offer 30,00,000 unit shares, and the subscription period will be open from the 21st Kartik, concluding on the 5th Mangsir in the year 2080.

    The total issued capital of the company stands at Rs. 10 Arba, out of which 30%, equivalent to 3,00,00,000 unit shares, will be made available to the public, including Nepalese citizens working abroad and the general public. Of this total issuance, 10% or 30,00,000 unit shares are specifically reserved for Nepalese citizens working abroad, with their subscription period commencing on the 21st Kartik.

    Additionally, 2% of the offered shares, totaling 600,000 units, have been set aside for the company’s employees, while 5% or 15,00,000 units have been allocated for mutual funds. The remaining 2,49,00,000 units will be made accessible to the general public at a later date.

    The shares are set to be issued at a price of Rs. 206 per share, which includes a premium of Rs. 106 per share on top of the Rs. 100 face value. This IPO offering is expected to raise Rs. 61.8 crores for the company.

    NMB Capital Limited has been appointed as the issue manager for this IPO. Investors can apply for a minimum of 10 units and have the opportunity to subscribe to a maximum of 300,000 units.

    Himalayan Reinsurance is the second reinsurance company in Nepal to issue an IPO. As a pioneering private-sector reinsurance firm, it specializes in providing reinsurance support to both Life and Non-Life Insurance Companies within Nepal and on an international scale. The company received its operational license in 2021.

    Prominent promoters of Himalayan Reinsurance include leading business conglomerates in Nepal and significant financial institutions, such as Golchha Group, Shanker Group, Infinity Holdings, and others, along with two major government-owned banks: Nepal Bank Limited and Rastriya Banijya Bank Limited.

    ICRA Nepal has reaffirmed Himalayan Reinsurance Limited with an issuer rating of [ICRANP-IR] A-. This rating reflects a reasonable degree of safety concerning the timely fulfillment of financial obligations, signifying low credit risk for investors.

  • SEBON Approves IPO Proposal of Himalayan Re-insurance Limited, Premium Price Revised to Rs. 206 Per Share

    SEBON Approves IPO Proposal of Himalayan Re-insurance Limited, Premium Price Revised to Rs. 206 Per Share


    The Securities Exchange Board of Nepal (SEBON) has granted approval for the proposed initial public offering (IPO) of Himalayan Re-insurance Limited. This reinsurance company plans to issue 30,000,000 equity shares to the general public at a price of Rs. 206 per share, with a face value of Rs. 100 and a premium of Rs. 106 per share. This IPO issuance aims to raise a total of Rs. 6.18 Arba for the company. It’s noteworthy that the initial IPO price was set at Rs. 208 per share but has been revised to Rs. 206.

    The responsibility of managing this IPO issuance has been entrusted to NMB Capital Limited, and the application for SEBON’s approval was submitted on the 26th of Bhadra, 2080. Himalayan Re-insurance Limited is poised to become the second reinsurance company in Nepal to offer an IPO to the public.

    Himalayan Reinsurance, a pioneering private-sector reinsurance firm in Nepal, specializes in providing reinsurance support to both Life and Non-Life Insurance Companies, both within Nepal and internationally. The company obtained its operational license in 2021.

    The prominent promoters of Himalayan Reinsurance include leading business conglomerates in Nepal and significant financial institutions. Notable names among the promoters are Golchha Group, Shanker Group, Infinity Holdings, Lucky Group, Ramesh Corp, Shiv Shakti Group, Himalayan Infrastructure Fund Ltd., Shalimar Investment, Saffron CK Investments, Vaishnav Enterprises, Murarka Group, K L Dugar Group, M V Dugar Group, R H Group, M S Corp, IME Group, Prem Gurung and Group, Ashlesha Enterprises, Allied Continental, and Balaji Marbles. Additionally, two of Nepal’s prominent commercial banks, Nepal Bank Limited and Rastriya Banijya Bank Limited, are among the promoters.

    As of the end of the third quarter, Himalayan Reinsurance had a paid-up capital of Rs. 7 Arba and maintained reserves and a surplus of Rs. 38.58 crores. The company displayed significant growth in Net Premium, with a remarkable 612.61% increase, totaling Rs. 3.38 Arba up to the third quarter of the fiscal year 2079/80.

    ICRA Nepal has reaffirmed an issuer rating of [ICRANP-IR] A- (pronounced ICRA NP Issuer Rating A Minus) for Himalayan Reinsurance Limited. This rating indicates a reasonable level of safety regarding the timely servicing of financial obligations and suggests low credit risk associated with the company.

  • NEPSE Lists 4.75% Bonus Shares of Nepal Reinsurance Company

    NEPSE Lists 4.75% Bonus Shares of Nepal Reinsurance Company


     

    Nepal Reinsurance Company Limited (NRIC) sets a promising tone for investors with the listing of 58,10,437.50 units of bonus shares on NEPSE, reflecting the company’s commitment to shareholder value. NRIC’s 18th Annual General Meeting, held on the 15th of Ashad, marked a significant milestone as it endorsed a 5% dividend for the fiscal year 2078/79. Furthermore, the board of directors, in its 453rd meeting on Baisakh 17, decided to distribute 4.75% in bonus shares along with 0.25% cash dividend (intended for tax purposes), sourced from the company’s substantial paid-up capital of Rs. 12,23,25,00,000. This strategic move not only showcases NRIC’s dedication to rewarding its investors but also underscores its financial strength and stability in the insurance sector, making it an attractive proposition for those seeking sound investment opportunities.

     

  • “Federal: First Reinsurance Broker in Nepal to Achieve ISO 9001:2015 Certification”

    “Federal: First Reinsurance Broker in Nepal to Achieve ISO 9001:2015 Certification”


    During an official event at FRBL’s headquarters in Kathmandu on August 27, 2023, Mr. Prakash Poudel, the Country Director of United Registrar of Systems (URS), presented the certification to FRBL’s chairman, Mr. Mahesh Kumar Agrawal. The occasion was attended by FRBL’s Board members, leadership team, staff, and URS Nepal representatives. Mr. Poudel congratulated FRBL for achieving the ISO 9001:2015 certification, highlighting its role in ensuring effective operations, streamlined processes, and customer satisfaction.

    Mr. Subarna Paudel, the Managing Director of FRBL, expressed gratitude for the collaborative efforts of FRBL’s management and URS Nepal. He described the ISO 9001:2015 certification as a significant milestone, validating their dedication to excellence and their commitment to providing exceptional reinsurance broker services to clients.

     

  • Himalayan Reinsurance Limited Reports Impressive Q3 Results

    Himalayan Reinsurance Limited Reports Impressive Q3 Results


    Himalayan Reinsurance Limited (HRL) has released its third-quarter financial report for the ongoing fiscal year 2079/80, showcasing a net profit of Rs. 25.44 crores. This marks an increase compared to the corresponding quarter of the previous fiscal year when the company earned Rs. 19.64 crores.

    Notably, HRL has experienced a significant surge in net premium, which has grown by a remarkable 612.61%. The net premium now amounts to Rs. 3.38 Arba as of Q3 of the current fiscal year.

    In terms of its financial reserves, HRL holds Rs. 13.69 crores in the insurance fund and Rs. 1.50 crores in the contingent fund.

    Furthermore, the company’s income from investments, loans, and other sources has witnessed growth, reaching Rs. 15.75 crores by the end of the third quarter of the current financial year.

    The annualized earnings per share (EPS) ratio of HRL stands at Rs. 4.85, reflecting its profitability, while the net worth per share is reported as Rs. 107.47.

    HRL maintains a paid-up capital of Rs. 7 Arba and has accumulated a reserve and surplus of Rs. 38.58 crores.

    These positive financial results demonstrate HRL’s strong performance and stability in the reinsurance sector, highlighting its ability to generate substantial profits and maintain a healthy financial position.

  • Federal Reinsurance Brokers Limited enters an agreement with the Banking Finance and Insurance Institute of Nepal to strengthen the insurance sector’s capability.

    Federal Reinsurance Brokers Limited enters an agreement with the Banking Finance and Insurance Institute of Nepal to strengthen the insurance sector’s capability.


     

    On April 13, 2023, Federal Reinsurance Brokers Limited and Banking Finance and Insurance Institute of Nepal Limited signed a Memorandum of Understanding (MOU) to form a long-term strategic alliance in the areas of training, research, and consulting for the insurance sector’s capacity development. Ms. Alpana Sharma, Company Secretary, and Mr. Saurav Baral, Research Analyst of FRBL, and Ms. Nishu Bhagat, Manager, and Mr. Matiram Paudel, Account and Admin Officer of BFIN, signed the Memorandum of Understanding.

     

  • In the second quarter of fiscal year 2079/80, Himalayan Reinsurance earns a net profit of Rs. 4.63 crores.

    In the second quarter of fiscal year 2079/80, Himalayan Reinsurance earns a net profit of Rs. 4.63 crores.


    Himalayan Reinsurance Limited reported a net profit of Rs. 4.63 crores for the fiscal year 2079/2080’s second quarter. The company’s net profit fell by 62.83% in the second quarter.

    In this quarter, the company’s paid-up capital was Rs. 7 Arba, while its reserve and surplus were Rs. 17.7 Crores.

    This quarter, the company earned Rs. 8.52 crores from investments, loans, and other sources.