The Insurance Regulatory and Development Authority of India (IRDAI) has given approval to Kiwi General Insurance to operate in the Indian market.
The new general insurer is a joint venture between private equity firm West Bridge and Mr Neelesh Garg, former CEO of Tata AIG General Insurance. West Bridge will hold a 70% stake in the JV and the balance 30% will be with Mr Garg.
Kiwi General Insurance, when it starts operations, will be the 35th general insurer in the Indian market, which also includes seven standalone health insurers.