QBE Insurance Group Limited, an international general insurer and reinsurer headquartered in Sydney, has acquired 100% ownership of Raheja QBE General Insurance Company Limited (Raheja QBE) following approval from the Insurance Regulatory and Development Authority of India (IRDAI). The transaction makes QBE the sole shareholder of the Indian carrier, ending an 18-year joint ownership with Prism Johnson Limited.
Strategic expansion in India
The acquisition marks a significant milestone in QBE's strategic expansion in the Asian region and underscores the company's view of India as an important growth market. As part of the deal, Raheja QBE is being renamed and will operate under the QBE brand. The consolidation is expected to enable new opportunities for innovation, global best practices, new products, and technology, with the goal of improving and creating customer-centric solutions across the Indian insurance landscape.
"India is one of the world's most dynamic markets - and we are well positioned to deploy QBE's capabilities and unlock the next phase of growth in a country we believe has enormous long-term potential," said Rob Kosova, CEO, QBE Asia.
Continuity and growth
Sole ownership will allow QBE to explore new opportunities for product and operational innovation. Both QBE Asia and Raheja QBE teams will continue to drive the local business forward. Kosova emphasized that the company's focus remains unchanged: supporting customers, partners, and people. "Our priority is to build on the strong foundations already in place, preserve continuity for customers and create new opportunities for growth, innovation and career development. We are excited to welcome the India team fully into the QBE family and to shape the future of this business together," he said.
QBE Insurance Group Limited is listed on the Australia Securities Exchange (ASX) and operates internationally through its Asia division, which is part of the group's International Division.
