QBE acquires full ownership of Indian insurance venture after IRDAI approval

Australian-headquartered insurer QBE Insurance Group Limited has acquired full ownership of Raheja QBE General Insurance Company Limited, marking the end of its 18-year joint venture with Prism Johnson Limited and strengthening its presence in the Indian insurance market.

The acquisition, which received approval from the Insurance Regulatory and Development Authority of India (IRDAI), makes QBE the sole shareholder of the company. Following the transaction, Raheja QBE will be rebranded and operate under the QBE name.

The company said the move represents a significant milestone in its expansion strategy in Asia and reflects its long-term commitment to India, which it considers a key growth market.

With complete ownership, QBE plans to introduce greater product and operational innovation while leveraging its global expertise to develop customer-centric insurance solutions tailored to the Indian market.

The consolidation is also expected to facilitate the adoption of global best practices and advanced technology across its Indian operations. Commenting on the development, Rob Kosova, Chief Executive Officer of QBE Asia, described India as one of the world’s most dynamic markets with significant long-term growth potential.

He said QBE is well positioned to leverage its global capabilities to support the next phase of growth in the country while continuing to strengthen its presence in the region.

Kosova added that despite the change in ownership, the company’s priorities remain unchanged, with continued focus on serving customers, business partners and employees. He said the company aims to build on the existing foundation of the business while creating new opportunities for innovation, expansion and career development.

The acquisition is expected to enhance QBE’s ability to expand its product portfolio and strengthen its operations in India’s growing general insurance sector.