This acquisition, finalised on June 18, marks a major foreign investment in India’s general insurance sector following the government’s increase in the foreign direct investment (FDI) limit to 74% in 2021.
The rebranding comes at a time when India’s general insurance sector is expected to experience significant growth.
The market is projected to reach US$57.3 billion by 2028, driven by a combination of rising consumer awareness, the development of digital and financial infrastructure, and the growing middle class.
The acquisition, first announced in November 2023, involved a purchase of a 70% stake in Kotak General Insurance by Zurich for approximately US$670 million.
All necessary regulatory approvals were secured by June 2024, allowing the transaction to move forward.
As part of the deal, the company’s legal name has been changed from Kotak Mahindra General Insurance Company Limited to Zurich Kotak General Insurance Company (India) Limited (Zurich Kotak General Insurance).
The rebranding underscores the collaboration between Zurich, a global insurance company, and Kotak Mahindra Bank, a prominent Indian financial institution, aiming to strengthen their position in India’s growing general insurance market.
Tulsi Naidu, Zurich’s CEO for the Asia Pacific region, said the insurance giant combined its global expertise with the Indian general insurer’s local market strength to deliver tailored insurance solutions that meet the needs of Indian consumers and businesses.
“The rebranding to Zurich Kotak General Insurance represents a significant step in our shared journey to create a premier general insurer for the new India,” she said.
Suresh Agarwal, managing director and CEO of Zurich Kotak General Insurance, emphasised the company’s goal to enhance insurance penetration across India.
“We will continue to work towards enhancing insurance penetration in the country through technology, scale, and bringing global best practices to our business, keeping customers at the core of it,” he said.
The newly rebranded company aligns itself with the Insurance Regulatory and Development Authority of India’s (IRDAI) vision of “Insurance for All” by 2047.
Along with the rebranding, Zurich Kotak General Insurance has restructured its board of directors, bringing in professionals from the insurance and financial industries.
Srinivas Injeti (IAS) has been named chairman, while D Sundaram and Ravi Venkataraman have joined as independent directors.
The board also includes key representatives from both Zurich and Kotak, including Tulsi Naidu and Mathew Reilly, Zurich’s COO for the Asia Pacific, as well as Pushan Mohapatra, former CEO of SBI General Insurance.
