QBE Insurance to take full control of Raheja QBE General Insurance

QBE Insurance has signed an agreement with Prism Johnson, an Indian building materials company, to acquire the remaining 51% stake in their joint venture, Raheja QBE General Insurance. The transaction is valued at 3.24 billion INR (35.2 million USD).

Subject to regulatory approvals, the deal will bring to a close an 18-year partnership between Prism Johnson and the Australian insurance and reinsurance group.

Upon completion of the transaction, Raheja QBE General Insurance will no longer operate as a subsidiary of Prism Johnson, with QBE Insurance becoming the sole shareholder of the company.