Australia’s QBE Insurance Group has taken full ownership of the Raheja QBE General Insurance Company in India.
The transaction was completed after receiving approval from the Insurance Regulatory and Development Authority of India, ending 18 years of joint venture (JV) ownership with Prism Johnson.
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Following the acquisition, Raheja QBE is being rebranded as QBE.
The financial details have not been made public.
The company said the move is part of its expansion plans in Asia and reflects its view of India as a key market for future growth.
QBE Asia CEO Rob Kosova said: “India is one of the world’s most dynamic markets – and we are well positioned to deploy QBE’s capabilities and unlock the next phase of growth in a country we believe has enormous long-term potential.”
QBE also said that full control of the Indian business would give it greater scope to pursue product and operational changes aimed at developing customer-focused offerings in the country’s insurance market.
Teams from QBE Asia and Raheja QBE will continue to run the local business.
QBE Asia operates within the International Division of QBE Insurance Group.
The group is based in Sydney and is listed on the Australian Securities Exchange (ASX).
Kosova added: “While ownership is changing, our focus remains exactly the same: supporting our customers, partners and people.
“Our priority is to build on the strong foundations already in place, preserve continuity for customers, and create new opportunities for growth, innovation and career development.”
