Zurich Insurance acquires 70% of Kotak Mahindra General Insurance

Zurich Insurance has obtained the necessary approvals for the acquisition of a 70% stake in Kotak Mahindra General Insurance from Kotak Mahindra Bank.

The transaction is valued at 670 million USD, representing the largest investment by a foreign insurance company in the Indian non-life market.

This makes the Swiss group the first foreign insurer to enter the Indian market since the cap on foreign direct investment (FDI) in the insurance sector was raised from 49% to 74% in 2021.

For the record, Zurich Insurance undertook to acquire 51% of the capital of the Indian non-life company in November 2023, and to subsequently buy a further 19% stake.