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Zurich acquires 70% of Kotak General Insurance

by AIP Online Bureau | Jun 19, 2024 | Indian News, Non-Life, Policy, Regulation | 0 comments

The acquisition of Kotak General Insurance sets the way forward for Zurich to be a leading player in a very significant growth market – India. This is a key strategic step for Zurich,” said Tulsi Naidu, CEO – Asia Pacific, Zurich Insurance Group

Mumbai: Zurich Insurance Company today announced the successful completion of acquiring majority stake in Kotak Mahindra General Insurance from Kotak Mahindra Bank following the receipt of all necessary regulatory approvals.

Zurich has acquired a 70% stake in Kotak General Insurance for a total consideration of Rs 5,560 crores (i.e., USD 670 million), through a combination of fresh growth capital and share purchase.

The transaction marks the largest foreign investment in India’s general insurance market since the foreign direct investment (FDI) limit was raised from 49% to 74% in 2021.

“The acquisition of Kotak General Insurance sets the way forward for Zurich to be a leading player in a very significant growth market – India. This is a key strategic step for Zurich,” said Tulsi Naidu, CEO – Asia Pacific, Zurich Insurance Group.

“India’s insurance market offers immense potential, and together with Kotak, we are committed to supporting its growth and development. We have the global scale, strong expertise in managing complex risks, digital capabilities and technology leadership to bridge the insurance protection gap. Our goal is to build resilience among Indian customers and businesses through simple and innovative solutions.”

Shanti Ekambaram, Deputy Managing Director, Kotak Mahindra Bank said, “The partnership will unlock the next phase of growth for Kotak General Insurance and create a leading non-life insurance franchise that will focus on technology and scale, while prioritising customer needs.”

Suresh Agarwal, Managing Director & CEO, Kotak Mahindra General Insurance said, “We are committed to set new benchmarks for the general insurance industry.”

The transaction was announced in November 2023 and was subject to customary conditions precedent including regulatory approvals from the Reserve Bank of India, Insurance Regulatory and Development Authority of India, and the Competition Commission of India. All necessary approvals have been received.

The combined entity will bring to the Indian market – Zurich and Kotak’s collective commitment to trust, innovation, integrity, and customer service. In due course, the business will adopt a new brand that represents both Zurich and Kotak as shareholders.

Zurich is fully committed to fostering the development and expansion of India’s insurance sector in keeping with the Insurance Regulatory and Development Authority of India’s (IRDAI) goal of achieving “Insurance for All” by 2047.

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