Zurich Insurance to acquire 51% stake in Kotak General Insurance

Zurich Insurance Company Limited will invest Rs 4,051 crore to acquire a 51 per cent stake in Kotak General Insurance through a combination of fresh growth capital and share purchase. Further, Zurich Insurance will acquire an additional stake of 19 per cent within three years. 

Zurich’s investment represents the single largest by a global insurer in an Indian non-life insurer. 

Dipak Gupta, MD and CEO, Kotak Mahindra Bank Limited, said, “The alliance brings together two trusted and respected brands. The combined expertise and resources of the respective firms will enable us to provide innovative solutions to meet the evolving needs of our customers. Kotak Mahindra Group’s pan-India ‘phygital’ distribution presence and Zurich’s distinct global capabilities in digital assets, B2B and B2C formats have the potential to create a transformational ‘digical’ impact for the Kotak General Insurance franchise delivering innovation efficiently and rapidly in the Indian general insurance space.”

Tulsi Naidu, CEO-Asia Pacific, Zurich Insurance Company Limited, said, “India is one of the world’s most important markets with immense potential and we are pleased to be making a significant commitment with an excellent partner. 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.”