Kotak Mahindra Bank and Zurich Insurance Group have announced a strategic alliance. An alliance where Zurich Insurance Group will acquire a majority stake in Kotak Mahindra General Insurance to unlock the Next Phase of Growth and to create a Leading Non-Life Insurance Franchise.
Zurich will invest approximately Rs 4,051 crore to acquire a 51% stake in Kotak General Insurance through a combination of growth capital and share purchase. Zurich will also acquire an additional 19% stake within three years from its initial acquisition. This investment represents the single largest by a global strategic insurer in an Indian non-life insurer.
Dipak Gupta, MD & CEO, Kotak Mahindra Bank Limited said, “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 has potential to create a transformational ‘digical’impact for the Kotak General Insurance franchise delivering innovation efficiently and rapidly in the Indian general insurance space.”
