Zurich Insurance Group, a Swiss insurance company, agreed to acquire 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 alliance brings together two trusted and respected brands. The combined expertise and resources of respective firms will enable us to provide innovative solutions to meet the evolving needs of our customers. Kotak Mahindra Group’s pan India distribution presence and Zurich’s distinct global capabilities in digital assets, B2B and B2C formats has potential to create a transformational impact for the Kotak General Insurance franchise delivering innovation efficiently and rapidly in the Indian General Insurance space,” Dipak Gupta, Kotak Mahindra Bank Managing Director & 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.