Zurich acquires Indian Kotak General Insurance

19 June 2024 15:10

Zurich CCGreater ZurichSICC

Supporting partner

Zurich/Mumbai - Zurich is acquiring 70 per cent of Kotak General Insurance in Mumbai in India. This makes Zurich the first foreign insurer to enter India since the rules were amended in 2021. The two companies will jointly build a leading general insurer in India.

Zurich has acquired a majority stake of 70 per cent in the Mumbai-based Kotak General Insurance. The purchase price of 670 million US dollars is made up of fresh growth capital and share purchases. The transaction was announced in November 2023. The official approvals have now been granted, according to a statement.

The transaction marks the largest foreign investment in India’s general insurance market and is the first by a foreign insurer since the foreign direct investment limit was raised from 49 per cent to 74 per cent in 2021. With this market entry, Zurich is committed to driving the development and expansion of India's insurance sector in keeping with the government's goal of achieving insurance for all by 2047. In due course, the company will launch a new brand to represent the shareholders of both companies, writes the statement. 

The acquisition of Kotak General Insurance “sets the way forward for Zurich to be a leading player in a very significant growth market – India”,  Tulsi Naidu, CEO, Asia Pacific, Zurich Insurance Group, is quoted as saying. India’s insurance market offers immense potential, he continued: “We have the global scale, strong expertise in managing complex risks, digital capabilities, and technology leadership to bridge the insurance protection gap.” ce/mm

Supporting partner

Swiss Pavilion Digital

Previous newsletters