XL Group takes stake in India’s Mahindra
Re/insurer XL Group is to acquire a 20 percent stake in India’s Mahindra Insurance Brokers (MIBL), according to an Oct. 16 press release.
MIBL is a subsidiary of Mahindra & Mahindra Financial Services and primarily serves rural and semi-urban India. MIBL’s current valuation is at Rs.1,300 crores (approx. $ 200 million).
Since inception in 2004, MIBL has serviced over 8 million insurance cases, safeguarding the livelihoods of millions across rural India by protecting their assets and loans taken for buying tractors and vehicles, according to the statement.
XL Group will help support MIBL’s endeavours to increase insurance awareness and penetration in under-penetrated markets and across under-served customers in rural India.
XL Catlin president, P&C insurance and reinsurance Greg Hendrick, said: “This minority investment plays to our commitment to emerging markets and to supporting insurance penetration in developing economies, helping improve economic resilience by closing the gap between economic and insured losses. It will also provide us a chance to better understand the primary retail insurance and distribution landscapes in the rapidly developing Indian market.”
XL Group has a large shared service operation presence in India, at Gurugram and Bengaluru, operating under the brand XL Catlin. It provides business and underwriting support, claims administration, actuarial services, finance and accounting, and more. The Group also has a fully licensed reinsurance branch office also operating under the XL Catlin brand, in Mumbai.
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