Swiss Re and Zurich Insurance Group have received an offer to increase their business on the Indian subcontinent. The stake in SBI General Insurance has been proffered not only to the Swiss companies but also to private equity firms and state funds.
Swiss Re and Zurich examine a bid to invest in SBI General Insurance, a Mumbai-based company, according to a report by «Economic Times» of India. The Swiss insurance giants have been offered a stake in the company.
The reason behind the move is a decision by Insurance Australia Group (IAG) to exit the joint venture with State Bank of India. IAG will leave the Indian market altogether, according to the report. As a consequence, a 26 percent stake worth about 490 million Swiss francs ($486 million) is up for grabs.
Other Interested Parties
Apart from the Swiss insurers, the company has also been in touch with private equity firms Apax, Blackstone and Warburg Pincus. Abu Dhabi Investment Authority and Temasek, two of the world’s largest state investment funds, have also been approached.
Zurich didn’t comment on the report, while a request for information was left unanswered by Swiss Re, all according to the Indian newspaper.
