Zurich Insurance to Acquire Majority Stake in Kotak Mahindra's Casualty Insurance Unit
November 02 2023 - 1:19AM
Dow Jones News
By Kosaku Narioka
Zurich Insurance Group agreed to acquire a majority stake in
Kotak Mahindra Bank's casualty insurance business and form a
strategic alliance with the Indian bank.
Zurich Insurance said Thursday that it would invest about 40.51
billion rupees ($486.5 million) to acquire a 51% stake in Kotak
Mahindra General Insurance and plans to buy an additional stake of
19% within three years from the initial purchase.
Kotak Mahindra Bank Chief Executive Dipak Gupta said its
distribution channels in the country and Zurich's global
capabilities have potential to create a transformational impact for
the insurance business.
The acquisition is subject to approvals from Indian regulators,
the companies said. Kotak Mahindra General Insurance will cease to
be a subsidiary of Kotak Mahindra Bank once Zurich acquires the
majority stake.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
November 02, 2023 01:04 ET (05:04 GMT)
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