Swiss insurance group Zurich is looking to enter the Indian non-life insurance market through a joint venture.
Insurance group Zurich wants to expand into the Indian non-life insurance market, according to the Indian business newspaper «The Economic Times» on Monday. An insolvency proceeding of the Indian Reliance General Insurance is the basis for the bid between Zurich together with Primal Group.
If successful, the two parties are to each take over half of the company. The deadline for submitting binding offers is October 30, 2022.
Participation Offer Submitted
In response to a question from Swiss news agency «AWP», Zurich confirmed it had submitted an offer to acquire a stake. There was no mention, however, of a joint venture, and in any event, the terms of a possible transaction are still subject to negotiations with no assurance of a successful conclusion.
