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Kotak Mahindra Bank and Zurich Insurance Group announce strategic alliance

Nov 2, 2023

By: BlinkX Research Team

Zurich Insurance Company Ltd. has reached final agreements with Kotak Mahindra Bank and Kotak Mahindra General Insurance Company. According to a press release from the private sector lender, Zurich would invest about ₹4,051 crore to buy a 51% share in Kotak General Insurance.

Zurich Insurance Company will make its investment through a mix of new growth capital and share purchases.

According to the bank, Zurich plans to purchase a further 19% of the company within three years of the first deal.

“Kotak Mahindra Group’s pan-India ‘phygital’ distribution presence and Zurich’s distinct global capabilities in digital assets, B2B and B2C formats has potential to create a transformational ‘digical’ impact for the Kotak General Insurance franchise delivering innovation efficiently and rapidly in the Indian general insurance space," said Dipak Gupta, MD & CEO, Kotak Mahindra Bank.

“The alliance marks a significant step forward in further implementing our strategy to deepen insurance penetration in India with an appropriate combination of technology, scale and a tangible commitment to the customer. Zurich, a premier global insurer, with its deep global relationships, robust capabilities in complex risk and successful track-record of long-term alliances will help Kotak General Insurance grow rapidly and deliver exceptional value to our customers," said Gaurang Shah, Chairman, Kotak Mahindra General Insurance Company.