M&A

M&A

Australia’s QBE Insurance to acquire Prism Johnson’s 51% stake in JV Raheja QBE for Rs.324-Cr

Business Standard  

Australia-based QBE Insurance Group is set to acquire the remaining 51% stake in Raheja QBE General Insurance from its Indian partner, Prism Johnson, for INR 324 crore. This is the first instance of a foreign insurer holding 100% ownership in a domestic Indian general insurance company following the government's policy allowing full foreign direct investment in the insurance sector.Raheja QBE General Insurance is a joint venture between QBE Insurance and Rajan Raheja group-owned Prism Johnson. Upon completion of the proposed transaction, the JV will cease to be a subsidiary of Prism Johnson. QBE Insurance will become the sole owner of the company.In July 2024, Prism Johnson had invested INR 20.41 crore to maintain its 51% stake and solvency margin.

For FY25, Raheja QBE had reported about INR 46 Cr in Net Loss.