Swiss-based Zurich has completed the acquisition of a majority stake in India-based Kotak’s insurance unit.
Zurich has completed the acquisition of a 70 percent stake in Kotak General Insurance, according to a statement, for around $670 million. This marks the largest foreign investment in India’s general insurance market.
The transaction was first announced in November 2023. In due course, a new brand will be adopted to represent both Zurich and Kotak as shareholders.
SME and Corporate Sectors
According to Zurich, it expects India’s general insurance market to experience «substantial growth» due to greater consumer awareness, development of digital and financial infrastructure as well as a large and growing middle class. It highlighted the country’s SME and corporate sectors as areas with strong growth and demand for commercial insurance solutions.
«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,» said Tulsi Naidu, CEO, Asia Pacific, Zurich Insurance Group.
