Kotak Mahindra Bank Limited, Kotak Mahindra General Insurance Company Limited, and Zurich Insurance Company Limited have entered into definitive agreements for a transaction. Zurich will invest approximately Rs 4,051 crore to acquire a 51% stake in Kotak General Insurance. Zurich will also acquire an additional 19% stake within three years from its initial acquisition.
This is the single largest investment by a global strategic insurer in an Indian non-life insurer. The alliance aims to provide innovative solutions to meet evolving customer needs.
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.”
