Zurich Insurance Buys Majority Stake in Kotak Mahindra's Casualty Insurance Unit for $670 Million
By Elena Vardon
Zurich Insurance Group has bought a majority stake in Kotak Mahindra Bank's casualty insurance business for $670 million.
The Swiss insurer said Wednesday that it acquired 70% of Kotak General Insurance after it received the necessary regulatory approvals.
The transaction--which was first announced in November--was paid for through a mix of fresh growth capital and share purchase, it said.
Through the deal, Zurich is the first foreign insurer to enter India since 2021 when the country's foreign direct investment rules were amended to allow up to 74% of foreign ownership from 49% previously, it added.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
June 19, 2024 03:15 ET (07:15 GMT)
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