The Belgian insurer Ageas has concluded an agreement for the acquisition of 40% of the Indian non life insurance company Royal Sundaram General Insurance (RSGI) for an amount of 15.2 billion INR (209 million USD).
The transaction is subject to the approval of the regulatory authorities. It should be finalized in the first half of 2019. Following the transaction, Ageas will own 40% of the capital, Sudaram finances 50% and the remaining 10% are shared among various shareholders.
RSGI is one of the top ten private players of the Indian insurance market. The company has an extensive distribution capacity with nationwide network of more than 5600 agents and 700 branches.
This acquisition is part of Ageas's Connect21 strategy which targets expansion of activities in fast-growing markets.
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