Latest news with #NHIT
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Business Standard
26-05-2025
- Business
- Business Standard
SBI Life, Vidyaniti acquire 4.25% stake in NHIT for Rs 1,100 crore
SBI Life Insurance and Vidyaniti LLP on Monday bought a 4.25 per cent unit-holding in National Highways Infra Trust for Rs 1,100 crore through the open market transaction while NHAI divested 8.24 crore units in the Trust. A total of 8.24 crore units, representing a 4.25 per cent unit-holding, was acquired by both entities. According to the block deal data available on the NSE, SBI Life Insurance Company picked up more than 3.74 crore units or 1.93 per cent holding in NHIT. Vidyaniti LLP also bought over 4.49 crore units, amounting to a 2.3 per cent unit-holding in National Highways Infra Trust, as per the data on the exchange. The units were picked up at an average price of Rs 133.57 per unit, taking the combined transaction value to Rs 1,100.61 crore. Meanwhile, NHAI offloaded 8.24 crore units of NHIT at the same price, as per the data on the National Stock Exchange (NSE). On Monday, National Highways Infra Trust's units were closed on a flat note at Rs 133.50 a unit on the NSE. National Highways Infra Trust (NHIT), an infrastructure investment trust (InvIT) sponsored by the National Highways Authority of India (NHAI), was set up in 2021 to support the government's National Monetisation Pipeline. In March, SBI Mutual Fund sold a 4.7 per cent stake in NHIT for Rs 815 crore.
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Business Standard
21-05-2025
- Business
- Business Standard
CPP Investments' India portfolio hits $21.68 bn in net assets in 2025
Canada Pension Plan Investment Board (CPP Investments) is accelerating its exposure to India's high-growth sectors even as its India portfolio surpasses a milestone, exceeding C$30 billion (US$21.68 billion) in net assets in 2025. CPP, which manages C$516 billion globally, disclosed in its Fiscal 2025 report that it sold its entire 6 per cent stake in Delhivery. The Canadian fund had initially invested in the Gurugram-based logistics company in 2019, capitalising on India's e-commerce-driven delivery boom. Simultaneously, CPP is doubling down on India's energy transition and infrastructure modernisation. The fund completed a follow-on investment of Rs 2,080 crore (C$346 million) in the units of the National Highways Infra Trust (NHIT), an Infrastructure Investment Trust sponsored by the National Highways Authority of India. Since its initial investment in 2021, CPP has invested Rs 5,760 crore in NHIT to date. Further diversifying its portfolio, CPP backed a consumer-focused transaction by investing US$100 million for a 14 per cent stake in the combined entity of Manjushree Technopack and Pravesha Packaging. The deal, executed alongside PAG, forms one of India's largest rigid plastic packaging platforms, aligned with the country's growing consumption demand. CPP's India exposure now spans infrastructure, renewables, consumer products, and logistics—an intentional diversification aligned with India's macroeconomic growth trajectory. The fund's continued deployment of rupee-denominated instruments reflects increasing comfort with local currency exposure. With India continuing to attract long-term capital, CPP's expanding footprint signals sustained institutional confidence in one of the world's fastest-growing major economies.
Yahoo
13-05-2025
- Business
- Yahoo
Scanlan vows 'unprecedented transparency' with pooled risk receiver
Secretary of State David Scanlan pledged his office would provide 'unprecedented transparency' after a court-named receiver took over one of the state's four pooled risk programs that managed insurance benefit programs for member city, town, school and county governmental units. At Scanlan's urging, Merrimack County Superior Court Judge Martin Honigberg last month named Lance Turgeon, a financial executive with Wipfli LLP, as receiver, to make all decisions regarding New Hampshire Interlocal Trust (NHIT) finances. 'It's a borderline situation right now,' Turgeon told reporters at a news conference Scanlan called in his office Tuesday. 'Look at the cash position of the trust, it's a negative number and the known claims, that is a negative number too.' Christina Ferrari, a Manchester lawyer representing the state, said Scanlan went into court seeking the protection upon learning NHIT trustees adopted a resolution on April 11 to dissolve the trust. 'We are unpacking all the issues as this has come together so quickly in the last 30 days,' Ferrari said. NHIT is the smallest of four firms that manage health insurance and/or property and casualty insurance coverage for government entities. Affected communities include the cities of Berlin, Laconia and Franklin, along with the towns of Amherst, Milford, Wilton and many communities in the Great North Woods region. The state's risk management law exempts these firms from having to file any reports with the Internal Revenue Service or to be subject to regulation of the Department of Insurance. Scanlan's bureau was the only government entity charged with ensuring that the pooled risk management companies are financially solvent. Probe of NHIT goes back 4 years The state Bureau of Securities Regulation going back to 2021 opened a financial probe into NHIT operations. The bureau claimed NHIT and two affiliate groups, Albert C. Jones Employee Benefits Inc. and Albert C. Jones2, violated state laws through misuse of public funds and the diversion of surplus owed to the government members of the trust. Lawyers for NHIT have denied the charges. An administrative proceeding against NHIT is pending with a hearing on the merits set for December. Two months ago, Scanlan asked the Legislature to pass legislation (SB 297) to adopt more restrictive 'guardrails' for all pooled risk management programs to ensure they are financially sound. At that time, Scanlan warned both New Hampshire Interlocal Trust and HealthTrust, the largest pooled risk management program, were in danger of becoming financially insolvent. 'If that bill was in place, NHIT would not be insolvent,' Scanlan said. The Senate passed it without debate on a voice vote. The House Commerce and Small Business Committee held a public hearing last month and has scheduled a work session on the issue next week. HealthTrust represents 191 of the state's 234 cities and towns, six of 10 counties, 85 school groups and 74 other units like water, library and fire districts. HealthTrust officials said Scanlan's actuary drew false conclusions about the program's finances and maintained that it had more than enough assets to be viable. They maintain Scanlan's bill sets asset levels that are too low to create a healthy climate for the risk pools. Scanlan released an April 11 statement that alleged HealthTrust on numerous occasions ignored the advice of their own actuaries to raise rates from 2020-23. Last month, HealthTrust executives announced that they would exit the market should the Senate-passed bill be signed into law. klandrigan@
Yahoo
05-03-2025
- Business
- Yahoo
Scanlan says 2 municipal risk pools in danger of 'insolvency'
Mar. 4—Secretary of State David Scanlan asked the Legislature to give his office sweeping new powers to regulate the finances of risk pools that manage health and property insurance for cities, towns and school districts after concluding two of the providers were "in danger of insolvency." But executives with those two risk pools with the most losses, HealthTrust and the New Hampshire Interlocal Trust (NHIT), told two state Senate committees Tuesday that Scanlan's solution to set a minimum floor and maximum cap for how much these firms can hold in reserves was too low and wouldn't be financially responsible. In 2010, the Legislature gave Scanlan's office authority to regulate the companies that give local governments a lower-cost option to manage and pay out insurance claims for them rather than a small town or city having to self-fund its own coverage. "Too often we see government failure when some event occurs that is pretty tragic and people are pointing fingers on who is responsible and how," Scanlan said. "Unfortunately, the reason for this bill is two of the risk pools are in danger of insolvency. It's that simple. They were not following actuarial advice." Senate President Sharon Carson, R-Londonderry, agreed to author a late-filed bill (SB 297) on Scanlan's behalf. "This will go a long way to protecting the taxpayers, political subdivisions and their active and retired employees," Carson told the Senate Finance and Election and Municipal Affairs Committee meeting jointly to hear the matter. The pools are tax exempt and do not have to comply with the costly regulations imposed on commercial insurance companies. Scanlan's predecessor, former Secretary of State Bill Gardner, asked lawmakers to put his office in charge after accusing the pools of overcharging local governments and building up massive surpluses instead of providing refunds. Fifteen years later, Scanlan said the two programs have run into near financial ruin for the opposite reason, under-charging member towns or school districts in order to hold onto their business in what's become a competitive market. Hua Li is Scanlan's lead actuary and the owner of the Complete Actuarial Solutions Company (CASCO) in McLean, Virginia. Li said Health Trust, by far the largest of the pools, has lost money in five of the last seven years and is losing $2.5 million a month. "At the $2.5 million rate, they are likely down to about 15 days of cash and reserves near the end of the year and that's for a $500 million a year plan," Li said. Other pools in better financial shape The other two risk pools — Primex, which provides casualty coverage, and School Care, which specializes in insurance for educators — are in much better financial shape than Health Trust and NHIT, Li said. Carson's bill would allow the risk pools on their own to levy an additional assessment of local governments to build up reserves to avoid insolvency. If they didn't take such action, the legislation would give Scanlan the right to go to a Superior Court judge and ask that a receiver be appointed to mandate higher assessments. Starting in 2028, the pools would have to have between 16% and 20% of their total value in reserves. Health Trust Executive Director Scott DeRoche said all its reserves totaled more than 20% before huge losses hit in 2023-24. DeRoche said those losses were because the medical trend estimate of an 8-9% increase in health spending amounted to more than 20%. He denied his pool intentionally underpriced its premiums to keep domination in the market for the company that represents 191 municipalities, six counties, 85 school districts and 74 other entities like water districts. The group has taken several steps to improve its profit loss statement including an end to some expensive benefit offerings, he said. Scanlan's bill would be an unconstitutional mandate on local governments, making cities and towns face higher taxpayer costs to follow these new requirements, DeRoche said. The 16% floor for reserves would be $20 million lower than it should be, according to Health Trust's own actuary, he added. Jeff Reardon with the N.H. Interlocal Trust also said the 16% was too small a target for reserves. "We have taken action to build up our reserves and that should be in good order within three to five years," Reardon said. Last August, Scanlan sent a cease and desist letter alleging NHIT engaged in "unlawful practices" that included the claim it had set "not to exceed rates" to win over new business. "This disparate treatment creates 'winners and losers' among political subdivisions," Scanlan wrote at the time. klandrigan@
