Australian insurer QBE Insurance Group Ltd has acquired 100% ownership of Raheja QBE General Insurance Co. Ltd following approval from the Insurance Regulatory and Development Authority of India (IRDAI).
The acquisition ends the company’s 18-year joint venture with Prism Johnson Ltd and marks a significant step in QBE’s expansion strategy across Asia. Following the transaction, Raheja QBE will be renamed QBE.
Growth strategy
The company said sole ownership will enable it to accelerate product and operational innovation while developing customer-centric insurance solutions tailored for the Indian market.
QBE added that both the QBE Asia and India teams will continue to drive the business, with a focus on ensuring continuity for customers, partners and employees.
Long-term commitment
“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,” QBE Asia CEO Rob Kosova said.
“While ownership is changing, our focus remains exactly the same — supporting our customers, partners and people. Our priority is to build on the strong foundations already in place, preserve continuity for customers and create new opportunities for growth,” he added.