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Ebix Insurance JV license and macro data imminent +3

10:00 28-Oct-19


Ebix announced this morning that its joint venture with the Bombay Stock Exchange has received informal approval to sell insurance in India.  This represents a large new market for the insurance technology platform from Ebix, and is one more step towards establishing a premium IPO valuation for EbixCash. 

As China continues to take heat in the trade wars, I see investors increasingly turning to India for a high growth alternative.  However, even in the U.K. China is winning in technology, which will matter more in the long term.  Expect to see much the same in the U.S. this week, with GDP on Wednesday, but expect that to be trumped by the FOMC later in the day.  Following that, another tight jobs report on Friday should be recognized as symptomatic of a competitiveness problem that markets will have to reckon with eventually, but probably not just yet.  For its part, Ebix should be reporting in about two weeks, and we really need to hear firmer detail on the IPO getting done next year, in addition to seeing evidence of growth.