Zurich Insurance to Acquire Majority Stake in Kotak Mahindra's Casualty Insurance Unit
By Kosaku Narioka
Zurich Insurance Group agreed to acquire a majority stake in Kotak Mahindra Bank's casualty insurance business and form a strategic alliance with the Indian bank.
Zurich Insurance said Thursday that it would invest about 40.51 billion rupees ($486.5 million) to acquire a 51% stake in Kotak Mahindra General Insurance and plans to buy an additional stake of 19% within three years from the initial purchase.
Kotak Mahindra Bank Chief Executive Dipak Gupta said its distribution channels in the country and Zurich's global capabilities have potential to create a transformational impact for the insurance business.
The acquisition is subject to approvals from Indian regulators, the companies said. Kotak Mahindra General Insurance will cease to be a subsidiary of Kotak Mahindra Bank once Zurich acquires the majority stake.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
November 02, 2023 01:04 ET (05:04 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Powell Unfazed By Sticky Inflation, but Rate Cuts Are Far Off
-
After Earnings, Is Microsoft Stock a Buy, a Sell, or Fairly Valued?
-
Best- and Worst-Performing Stocks of April 2024
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Small-Cap and Value Stocks Are Undervalued
-
Why We Expect the Job Market’s Slowdown to Renew in 2024
-
5 Undervalued Stocks to Buy to Play a Little Defense
-
Look Inside Berkshire Hathaway’s Portfolio Before Its Annual Meeting
-
How to Invest Like Warren Buffett
-
Cognizant Earnings: Improved Profitability Buttresses Results as Customer Spending Remains Muted
-
10 Top-Performing Dividend Stocks of the Month
-
Marathon Petroleum Earnings: No Change to Competitive Position, but Shares Look Expensive
-
Charlie Munger and How Not to Invest
-
After Earnings, Is AT&T Stock a Buy, a Sell, or Fairly Valued?
-
Mastercard Earnings: A Stable Environment Highlights the Firm’s Strengths