Japan’s MS&AD Insurance Group is to
acquire a 26% stake in Max New York Life (MNYL), an
Indian-headquartered life insurance company.
In an all cash transaction, MS&AD will pay
INR 27.3m ($525.7m) for the stake, which according to MNYL, will
make it the second largest foreign investment in the Indian life
insurance sector.
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After this transaction, the company will be
rebranded Max Life Insurance Company.
Commenting on the transaction, Max India’s
chairman Analjit Singh said: “For the next stage of MNYL’s growth
and development, we view MS&AD as an ideal partner. They are a
financially sound and respected player with a strong international
business and strategic aspirations to participate in the growth of
the life insurance business in India. More importantly, they are
aligned with our existing strategy.”
Max India had engaged Goldman Sachs as its financial adviser on
the transaction while Citi advised MS&AD and Mitsui Sumitomo
Insurance.
MS&AD Insurance Group was formed through the merger of Aioi
Insurance Co, Nissay Dowa General Insurance Co and Mitsui Sumitomo
Insurance Group.
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