Zurich enters Indian general insurance market

Written by Adam Cadle

02/11/2023

Zurich has announced a strategic alliance with Kotak Mahindra Bank, through the proposed acquisition of a 51% stake in Kotak Mahindra General Insurance for US$488m.

Furthermore, Zurich will acquire an additional stake of up to 19% over time. It is anticipated that this transaction will represent the largest foreign insurer investment in the Indian insurance sector since the regulatory changes allowing majority foreign ownership came into effect in 2021.

“India is one of the world’s most important markets with immense potential and we are pleased to be making a significant commitment with an excellent partner,” Tulsi Naidu, Zurich’s CEO of Asia Pacific, said.

“With Kotak Mahindra Group’s high-quality franchise and expertise in Indian financial services, and Zurich’s deep distribution experience and class-leading capabilities in retail and commercial insurance, we are confident this partnership can bring strong innovation, know-how, and excellent customer experiences to the Indian general insurance market.”

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