Kotak Mahindra Bank Limited (“Bank”), Kotak Mahindra General Insurance Company Limited (“Kotak General Insurance”) and Zurich Insurance Company Limited (“Zurich”) have entered into definitive agreements for a transaction whereby Zurich will invest (approximately) Rs 4,051croreto acquire a51% stake in Kotak General Insurance through a combination of fresh growth capital and share purchase.
Zurich plans to acquire a 19% stake in Indian non-life insurer, marking its largest investment by a global strategic insurer within three years of its initial acquisition.
Tulsi Naidu, CEO Asia Pacific, Zurich Insurance Company Limited said, “With Kotak Mahindra Group’s high-quality franchise and expertise in Indian financial services, and Zurich’s deep distribution experience and class-leading capabilities in retail and commercial insurance, we are confident this partnership can bring strong innovation, know-how, and excellent customer experiences to the Indian general insurance market.” The transaction is subject to regulatory approvals from the RBI, Insurance Regulatory and Development Authority, and Competition Commission of India.
