Zurich buys 70% stake in Indian insurer for $666 million

Switzerland-based Zurich Insurance Group Ltd. has completed its acquisition of a 70% stake in India-based Kotak Mahindra General Insurance Co. Ltd. for 55.6 billion Indian rupees ($666.5 million), Verdict reported. As part of the deal, the business will be rebranded, representing Zurich and Kotak Mahindra Bank as partners.