Swiss firm picks 51% in Kotak Gen Insurance

Mumbai: Switzerland’s Zurich Insurance is set to acquire a 51 per cent stake in Kotak General Insurance for Rs4,051 crore, its parent Kotak Mahindra Bank said on Thursday. The Swiss insurer’s investment in the eight-year-old domestic company will be through a combination of fresh growth capital and share purchase, as per a regulatory filing by the listed lender. It will follow up with an additional 19 per cent stake purchase, which will happen within three years of the initial acquisition, the filing said. Kotak General Insurance’s market share in the non-life market by premiums stood at 0.52 per cent as of September. Its gross written premium for FY23 stood at Rs 1,148.30 crore, and the share sale values the general insurance company at Rs7,943 crore on a post-money valuation.