PNN
Mumbai (Maharashtra) [India], July 2: QBE Insurance Group Limited, an international general insurer and reinsurer, has acquired 100% ownership of Raheja QBE General Insurance Company Limited (Raheja QBE), following approval from the Insurance Regulatory and Development Authority of India (IRDAI).
- Australian-headquartered global insurer acquires remaining stake in Indian carrier.
- The move is a significant milestone in QBE's strategic expansion in India and contributes to QBE's regional growth plans.
- The consolidation will enable new opportunities for innovation, global best practices, new products, and technology -- with the goal of improving and creating customer-centric solutions across the Indian insurance landscape.
The acquisition follows 18 years of joint ownership with Prism Johnson Limited and marks a significant milestone in QBE's strategic expansion in the Asian region. Raheja QBE is also being renamed and will be known as QBE as part of this acquisition. This transaction underscores QBE's view of India as an important growth market.
"India is one of the world's most dynamic markets - and we are well positioned to deploy QBE's capabilities and unlock the next phase of growth in a country we believe has enormous long-term potential," said Rob Kosova, CEO, QBE Asia.
Sole ownership will enable QBE to explore new opportunities for product and operational innovation, with the goal of improving and creating customer-centric solutions across the Indian insurance landscape. Both QBE Asia and Raheja QBE teams will continue to drive the local business forward.
"While ownership is changing, our focus remains exactly the same: supporting our customers, partners and people," said Kosova. "Our priority is to build on the strong foundations already in place, preserve continuity for customers and create new opportunities for growth, innovation and career development. We are excited to welcome the India team fully into the QBE family and to shape the future of this business together."
About QBE Asia
QBE Asia is part of the International Division of QBE Insurance Group Limited. Headquartered in Sydney, QBE Insurance Group Limited is listed on the Australia Securities Exchange (ASX). To learn more about QBE Insurance Group, please visit www.qbe.com.
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