International insurance company and reinsurer QBE Insurance Group Limited has now fully acquired Raheja QBE General Insurance Company Limited (Raheja QBE), after 18 years of joint ownership with Prism Johnson Limited.
The Insurance Regulatory and Development Authority of India (IRDAI) has granted 100% ownership of QBE, marking a major milestone in the re/insurer’s strategic expansion in the Asia region.
Under the terms of the acquisition, Raheja QBE will change its name to QBE. The deal underscores QBE’s view of India as an important growth market.
QBE believes that exclusive ownership will enable the company to explore new opportunities for product and operational innovation with the goal of improving and creating customer-centric solutions in the Indian insurance space.
QBE Asia and the Raheja QBE team will continue to drive the local business forward.
Rob Kosova, CEO of QBE Asia, commented: “India is one of the most dynamic markets in the world and we are well-positioned to deploy QBE’s capabilities and unlock the next phase of growth in a country where we believe there is significant long-term potential.
“While ownership has changed, our focus remains the same: supporting our customers, partners and employees. Our priority is to build on the strong foundation we have now, maintain continuity for our customers and create new opportunities for growth, innovation and career advancement. We are delighted to welcome the India team fully into the QBE family and shape the future of the business together.”
