Zurich Insurance Group completed the acquisition of a 70% stake in Kotak Mahindra General Insurance from Kotak Mahindra Bank for $671m.

Zurich Insurance Group, a Swiss insurance company, completed the acquisition of a 70% stake in Kotak Mahindra General Insurance, a general insurance company, from Kotak Mahindra Bank, an Indian banking and financial services company, for $671m. “The acquisition of Kotak General Insurance sets the way forward for Zurich to be a leading player in a very significant growth market – India. This is a key strategic step for Zurich. India’s insurance market offers immense potential, and together with Kotak, we are committed to supporting its growth and development. We have the global scale, strong expertise in managing complex risks, digital capabilities, and technology leadership to bridge the insurance protection gap. Our goal is to build resilience among Indian customers and businesses through simple and innovative solutions," Tulsi Naidu, Zurich Insurance CEO. On February 23, 2024, Zurich Insurance amended the deal from buying a 51% stake in the Kotak unit for $488m and an additional 19% holding within three years of the first purchase to 70% stake for $671m.