International insurer and reinsurer, QBE Insurance Group Limited, has now fully acquired Raheja QBE General Insurance Company Limited (Raheja QBE) following 18 years of joint ownership with Prism Johnson Limited.
The Insurance Regulatory and Development Authority of India (IRDAI) has granted 100% ownership to QBE, marking a significant milestone in the re/insurer’s strategic expansion in the Asian region.
As per the terms of the acquisition, Raheja QBE is being renamed and will be known as QBE. The transaction underscores QBE’s view of India as an important growth market.
QBE believes that sole ownership will enable the firm to explore new opportunities for product and operational innovation, with the goal of improving and creating customer-centric solutions across the Indian insurance landscape.
Both QBE Asia and Raheja QBE teams will continue to drive the local business forward.
Rob Kosova, Chief Executive Officer, QBE Asia, commented, “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 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, innovation and career development. We are excited to welcome the India team fully into the QBE family and to shape the future of this business together.”
