QBE Holdings has acquired full ownership of its Indian insurance JV, Raheja QBE General Insurance Company, by acquiring the remaining 51% stake from Prism Johnson.
The additional stake was acquired for INR3.24bn ($35m) and the deal is expected to be finalised within nine months, pending shareholder and regulatory approvals.
This move will now give the Australian parent QBE Insurance Group complete ownership of its Indian general insurance subsidiary, a move enabled by the recent amendments to the Indian Insurance Act, which now allows foreign companies full ownership of insurers in the Indian insurance market.