Logo of Zurich insurance is seen at an office building in Zurich, Switzerland August 9, 2018. REUTERS/Arnd Wiegmann


Freshfields Bruckhaus Deringer, Cyril Amarchand Mangaldas and AZB & Partners have advised on Zurich Insurance Company’s $488 million acquisition of a majority stake in Kotak Mahindra General Insurance Company from Kotak Mahindra Bank.

The transaction represents the single largest investment by a global strategic insurer in the Indian non-life insurance sector.

Under this deal, Zurich Insurance will acquire 51 percent stake in Kotan Mahindra General Insurance through a combination of fresh growth capital and share purchase. Zurich Insurance will acquire an additional stake of up to 19 percent over time, the life insurer said in a statement.

“India is expected to become the third largest global economy by 2030 and presents significant untapped potential for the development of insurance solutions,” Zurich Insurance said in a statement.

The CAM team advising Zurich Insurance was led by partner Indranath Bishnu, who was supported by employment partner Ankita Ray and antitrust partner Kirthi Srinivas.

Bishnu has advised on a plethora of top deals in the insurance sector, including Life Insurance Corporation of India’s (LIC) record-breaking $2.7 billion IPO, the demerger of Bharti AXA’s general insurance business, and the State Bank of India Life Insurance $1.3 billion IPO.

The Freshfields team advising Zurich was led by partner and global co-head of M&A Robert Ashworth and partners Jon Bowden and Arun Balasubramanian, with support from IP partner Richard Bird.

AZB represented Kotak Mahinda Bank in this transaction.



Related Articles

PAG GC to join MoFo Tokyo as partner

Morrison & Foerster is set to boost its private equity and M&A practices in Asia with the hire of veteran corporate lawyer Gregory Salathé as a partner in Tokyo. Salathé will join the firm in September from investment manager PAG, where he is currently a partner and group general counsel.

A&G, WongP acting on OCBC’s $1 bln buyout offer for Great Eastern

Singapore Big Four law firm WongPartnership is advising insurer Great Eastern Holdings in relation to a S$1.4 billion ($1 billion) buyout offer from its top shareholder, Oversea-Chinese Banking Corporation (OCBC), which is being represented by Allen & Gledhill.

NO&T, MHM advising on $1.4 bln Kirin-Fancl deal

Nagashima Ohno & Tsunematsu is advising Japan’s Kirin Holdings on its 220.7 billion yen ($1.4 billion) offer to acquire the rest of skincare brand Fancl Corp, which is being represented by Uryu & Itoga.