Zurich Insurance Company has completed the purchase of a 70% stake in India’s Kotak Mahindra General Insurance Company (Kotak General Insurance) for Rs55.6bn ($670m). 

The deal, first announced in November 2023, has received all the necessary regulatory clearances. 

Zurich bought the stake in Kotak General Insurance through a mix of fresh growth capital and share purchase. 

This deal is touted as the largest foreign investment in India’s general insurance sector since the 2021 increase in the foreign direct investment (FDI) limit to 74%. 

As part of the deal, the business will be rebranded representing Zurich and Kotak Mahindra Bank as partners. 

Zurich Insurance Group Asia Pacific CEO Tulsi Naidu said: “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. India’s insurance market offers immense potential, and together with Kotak, we are committed to supporting its growth and development.  

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“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.” 

Kotak Mahindra General Insurance managing director and CEO Suresh Agarwal said: “This milestone marks a pivotal moment for us and will catalyze our expansion in the market by offering comprehensive solutions tailored to meet the evolving needs of our diverse customer base.  

“This is a major stride in advancing our mission of enhancing insurance penetration in India through technology, scale, and bringing global best practices to our business to provide value-adding experiences to our customers. We are committed to set new benchmarks for the general insurance industry.” 

Earlier in June 2024, Kotak Mahindra Life Insurance, another subsidiary of Kotak Mahindra Bank, formed a corporate agency partnership with Mahindra & Mahindra Financial Services.  

This collaboration aims to deliver life insurance options to Mahindra Finance’s customer base in India.