Showing posts with label general insurance. Show all posts
Showing posts with label general insurance. Show all posts

Tuesday, November 3, 2009

Reliance General Insurance Goes the Virtual Way

reliance general insurance

Reliance General Insurance plans to deploy VMware virtualization solutions at its disaster recovery site to ensure business continuity. It is also looking to virtualize its storage and desktop infrastructure.

Earlier this year, the company had virtualized its server infrastructure to improve CPU utilization, overcome performance bottlenecks and ensure resources that can be quickly scaled to support new initiatives or business growth, a project that lead to 30-35% reduction in operating expenses. It has also achieved a server consolidation ratio of 10:1, which would need only two administrators to remotely manage the entire infrastructure, further improving application availability to near 100%.

Naganathan Sriram, CTO of Reliance General Insurance said, "To be a market leader, we have to consistently deliver a seamless working environment to our users and development and testing teams. The virtualization solution has enabled us to provide the resources required for product development, while guaranteeing high system availability for our users."

Prior to virtualization of their IT environment, Reliance General Insurance was struggling to manage a fleet of around 100 servers. Inefficient resource use slowed database and application performance, while prolonged downtime hindered the ability of staff to serve customers and undertake development work. Data center space was shrinking as the company added more hardware to support its growing business. Procurement and maintenance costs were also rising to unsustainable levels.

To address these issues, Reliance General Insurance turned to VMware's virtualization solutions in early 2009. The company now runs around 90 virtual servers on nine physical hosts. These servers run applications that support software development and quality assurance, production staging and deployment, and network and web infrastructure.

"Server consolidation, apart from the cost savings, is also resulting in faster migration of applications, smoother maintenance and better uptimes," said Sudip Banerjee, VP and head (IT) of Reliance General Insurance.

Sunday, October 11, 2009

Rel General crosses over Rs 1,000 cr premium in H1

reliance general insurance

Anil Ambani Group firm Reliance General Insurance has achieved a premium collection of more than Rs 1,000 crore in the first half of this fiscal, making it the fastest growing non-life insurer among the top-five private players.

The premium collection of over Rs 1,000 crore during six months period is the fastest since the inception of the company, Reliance General Insurance CEO K A Somasekharan said.

"Focus on retail and enhanced distribution network contributed to the growth," he said.

According to the preliminary data of the General Insurance Council, Reliance General recorded maximum growth among the top 5 private players during April-September period.

The company logged growth of 6 per cent at Rs 1,046 crore during the first half of 2009-10 compared to Rs 986 crore in the same period previous fiscal.

However, the largest private sector player ICICI Lombard, according to the data, recorded a decline of 16 per cent in premium collection.

ICICI Lombard collected premium of Rs 1,612 crore in the first half of the fiscal against Rs 1,925 crore in the same period last year.

At the same time, premium collection of Bajaj Allianz shrunk by 14 per cent to Rs 1,218 crore from Rs 1,416 crore in the same period a year ago.

Other top private sector players like Tata AIG General Insurance also registered a negative growth of 7 per cent, while Iffco-Tokio's portfolio grew by 5 per cent at Rs 751 crore.

Saturday, October 10, 2009

Air India brings in Reliance General for fleet insurance

reliance general insurance

NEW DELHI: State-run carrier Air India is believed to have roped in Reliance General Insurance, part of Anil Ambani group, as the insurer for its entire fleet. This is the first time that the insurance cover for Air India fleet has gone to a private insurer. Till date the same was being underwritten by National Insurance companies as a consortium.

The new cover is provided by a consortium led by Reliance General Insurance with HDFC Ergo, Bajaj Allianz and Iffco Tokyo General Insurance being part of the consortium. While Reliance General spokesperson declined to comment and Air India spokesperson was not available for comments, sources said that Air India has also paid its first premium as part of the tender process which warrants the premium to be paid to the insurance company in four installments during the tenure of the cover.

The new cover, to remain in force for one year, would come into force from midnight today and cover all 167 aircraft of Air India across the globe.

Friday, September 25, 2009

A.M. Best Withdraws Ratings of Accident & General Insurance Company Ltd.

the general insurance

OLDWICK, N.J. - (Business Wire) A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit rating (ICR) of “a-” of Accident & General Insurance Company Ltd. (AGI) (Grand Cayman, Cayman Islands). The outlook for both ratings is stable.

Concurrently, A.M. Best has withdrawn the ratings and assigned an NR-4 to the FSR and an “nr” to the ICR. These rating actions reflect AGI’s management’s decision to withdraw from A.M. Best’s interactive rating process.

The ratings reflect AGI’s excellent capitalization levels, solid operating performance, experienced management team, niche market profile and extensive risk management and safety programs. Partially offsetting these positive rating factors are the concentration of risk associated with the company’s specific focus on recreational divers and its relatively high retention levels relative to surplus.

AGI has an extensive risk management program in place, focusing on diver safety, training and education. The company works closely with training agencies to provide training and educational workshops. Certified training instructors are required to take rigorous written and physical examinations in order to receive their certification or C-Card. The guidelines are strict and must be complied with or the instructor could potentially lose his/her license and liability coverage. The company has a global preferred provider network in place. The network ensures that the diver receives the necessary medical treatment, including the use of a hyperbaric chamber, if required.

A.M. Best remains the leading rating agency of captive insurers rating a wide variety of more than 200 captives in the United States and throughout the world.

For current Best’s Ratings and independent data on the captive and alternative insurance market, please visit www.ambest.com/captive.

The principal methodologies used in determining these ratings, including any additional methodologies and factors, which may have been considered, can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company remains a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

A.M. Best Co.
Analysts
Gale Guerra, MBA, 908-439-2200, ext. 5069
gale.guerra@ambest.com
or
Steven Chirico, CPA, 908-439-2200, ext. 5087
steven.chirico@ambest.com
or
Public Relations
Jim Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com
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