Zurich Insurance bags majority stake in Kotak Mahindra General Insurance

Total consideration for the acquisition amounts to $670m.

Zurich Insurance Company has successfully completed the acquisition of a 70% majority stake in India-headquartered Kotak Mahindra General Insurance Company from Kotak Mahindra Bank. 

The total consideration for the acquisition amounts to $670m, which includes fresh growth capital and share purchase.

This transaction marks the largest foreign investment in India's general insurance market and is the first by a foreign insurer since the FDI limit was raised to 74% (previously 49%) in 2021. 

The combined entity will leverage Zurich and Kotak's shared values of trust, innovation, integrity, and customer service. In the future, the business will adopt a new brand that reflects the partnership between Zurich and Kotak.

The transaction, announced in November 2023, has received all necessary regulatory approvals from the Reserve Bank of India, the Insurance Regulatory and Development Authority of India, and the Competition Commission of India.