QBE Insurance Group has completed the acquisition of full ownership of Raheja QBE General Insurance Company following regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI).
The transaction ends an 18-year joint venture with Prism Johnson Limited, making QBE the sole shareholder of the Indian general insurer. Following the acquisition, Raheja QBE will be rebranded as QBE.
The acquisition marks a key milestone in QBE's strategy to strengthen its presence in Asia and reflects the group's view of India as a priority 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. While ownership is changing, our focus remains 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, innovation and career development,” QBE Asia CEO Rob Kosova said in a statement.