New Delhi: The Competition Commission of India (CCI) has approved Zurich Insurance Company Ltd. to acquire a 70% stake in Kotak Mahindra General Insurance Company Limited. This significant move involves the acquisition of a majority stake (51%) from Kotak Mahindra Bank Limited by the Acquirer. Additionally, the Acquirer plans to acquire an extra stake of up to 19% over a specified period.
Zurich Insurance Company Ltd., the Acquirer, is a wholly owned subsidiary of Zurich Insurance Group Ltd. and is a leading multi-line insurer operating globally. With its headquarters in Zurich, Switzerland, the Acquirer serves individuals and businesses in more than 200 countries and territories. As a vital part of the Zurich group, the Acquirer boasts around 60,000 employees and acts as the principal operating insurance company, overseeing various subsidiaries and affiliates.
The Target, Kotak Mahindra General Insurance Company Limited, is actively engaged in providing a diverse range of general insurance policies. These include motor vehicle insurance, home and property insurance, commercial insurance, and health insurance. Their product offerings extend to liability insurance, extended warranty coverage, and health insurance plans such as hospital cash, health indemnity policy, benefit policy, and group insurance plans.