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Zurich Insurance Group acquires a 70% stake in Kotak Mahindra Bank's general insurance arm for $671M, marking the largest global investment in an Indian non-life insurer.
Zurich Insurance Group will acquire a 70% stake in Kotak Mahindra Bank's general insurance arm for ₹5,560 crore ($671 million) in a single upfront deal, marking the largest investment by a global insurer in an Indian non-life insurer.
The deal will involve primary and secondary acquisitions and is subject to regulatory approvals from the RBI, IRDAI, and CCI.
The partnership aims to combine Kotak Group's pan-India distribution presence with Zurich's global capabilities in digital assets, B2B, and B2C formats to help the non-life insurer grow rapidly.
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Zurich Insurance Group adquiere una participación del 70% en la división de seguros generales de Kotak Mahindra Bank por 671 millones de dólares, lo que supone la mayor inversión global en una aseguradora india de no vida.