Zurich Insurance Group has made a strategic alliance with Kotak Mahindra Bank, India’s third largest private sector bank by market capitalisation, with the acquisition of a 51% stake in Kotak Mahindra General Insurance Company for $488m.
Zurich said in a statement on 2 November that it also intends to acquire an additional stake of up to 19% over time.
“It is anticipated that this transaction will represent the largest foreign insurer investment in the Indian insurance sector since the regulatory changes allowing majority foreign ownership came into effect in 2021”, the statement said…
