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Blackstone in General Insurance JV with fmr HDFC Ergo CEO: report

Economic Times  

Blackstone has entered into a partnership with Anuj Tyagi, the former managing director and chief executive of HDFC Ergo, to establish a new general insurance company. The venture has filed an R1 application with the Insurance Regulatory and Development Authority of India to seek in-principle approval for the establishment of the firm.The proposed entity is structured with Blackstone holding a 90% stake, while Tyagi holds the remaining 10% interest. This project marks the first proposed insurance venture under the revised foreign direct investment regulations, which allow for 100% foreign ownership in the sector. The promoters intend to infuse capital as the business scales, starting from the regulatory minimum capital requirement of INR 100 crore.The company plans to operate as an “AI-native” platform from its inception. The firm intends to utilize generative AI and agentic AI capabilities to support its operations across underwriting, claims processing, policy servicing, and distribution.