Zurich will acquire kotak general insurance

In a regulatory filing dated February 2023, Kotak Mahindra Bank announced that it, along with Kotak General Insurance and Zurich Insurance Company, had reached an agreement. According to the agreement, Zurich would acquire a 70% stake in Kotak General through a mix of primary and secondary acquisitions, all in one go, for Rs 5,560 crore.In November 2023, Zurich Insurance declared its intention to initially purchase a 51% stake in Kotak Mahindra General Insurance Company using fresh capital and share acquisition. Subsequently, an additional 19% stake will be acquired later.Jefferies, a foreign brokerage firm, has a ““hold”” recommendation for the stock, with a target price of Rs 2,050. According to Jefferies, the business is relatively small, with approximately 0.5% market share in premiums and 0.3% in net worth.Kotak General Insurance is a wholly-owned subsidiary of Kotak Mahindra Bank. Zurich Insurance Company, headquartered in Zurich, Switzerland, is a Swiss insurance company.